The Brock Bank complex at 9827 Brock Bank Dr. was one of 42bought and held for nearly a decade before the partnership wasdissolved in 1999. It was on the market just two weeks before itwent under contract to a Montreal-based family, which now has anadjacent 100-unit property under contract, J. Michael Lewis,associate partner in Dallas for Phoenix-based Hendricks &Partners, tells GlobeSt.com. Due diligence took four months beforeBrock Bank closed. Now that it's a done deal, the owners will beputting about $250,000 into a rehab, he discloses of the all-cashsale.

Lewis refers to it as "a hip-pocket deal. I knew who was buyingand that's where I took it." In the last three years, he sold about30 of Hartex's holdings, accounting for the trading of roughly12,000 units. Lewis represented buyer and seller at the closingtable for the 92%-occupied, 34-year-old complex.