J. Todd Stewart, a senior vice president in the Houston officeof CB Richard Ellis Inc., tells GlobeSt.com that 22 offers werefielded in the marketing and buyer selection process, which took 45to 60 days. The CBRE team--Stewart, senior VP G. Craig LaFolletteand VP Todd Marix--sent out 2,500 e-mails announcing the listing,2,500 color flyers and 98 full offering memorandums plus conducted24 property tours. The Westchase submarket holding was 95% leasedat sale time.

Stewart says the property garnered such tremendous interestbecause it is a "well-maintained property in a great location withvalue-add opportunities." The value-add opportunity is in a currentrent of 78 cents per sf. That translates into a monthly stipend ofabout $650 per unit based on the average unit size of 833 sf.

Stewart confides that BH Equities is planning to renovate,action sure to boost the price. He says rent could go to the mid-90cents per sf and still maintain its competitive edge. Class Aproperties in the area are getting close to $1 per sf. Renovationswill likely include two-tone paint finish-outs, new cabinets,washers and dryers and crown moldings. BH Equities had officer,Brian Martin, negotiate the transaction.

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