The 260-unit complex, positioned at the intersection of Jones and West roads, was sold by Massachusetts-based Realty Associates Fund LP. After owning the asset for eight years, it was time to turn it around for a profit.

The 96%-occupied multifamily project was constructed in phases in 1992 and 1993. Rent comes in just shy of $1 per sf.

Asking and selling prices aren't being made public, but the complex's 2001 Harris County assessment was $11.3 million, a sure bet that the going price was more than that since it attracted more than 20 offers from "highly qualified and motivated investors," Richard Rudd of New York City-based Granite Partners LLC tells GlobeSt.com. He and Josh Hulen, also with Granite Partners' Houston office, represented the sellers. The primary interest came from private investors with offers from a couple of REITs, but no institutional buyers. The holding was on the market for six months.

Rudd says the complex garnered a lot of attention because it is a "well-maintained multifamily property." Further the location in a tight submarket with lots of demand and not enough product helped hype the interest.

MBS Realty owns several other apartment complexes, including Steeplecrest's neighbor, the 390-unit Bristol Place apartments at 11245 West Rd., which was bought earlier this year. In May, MBS bought the Bayberry Tree apartments, a 268-unit complex at 14403 Ella Blvd. in Houston for $7.5 million. MBS used its in-house representative, Michael Smuck, to negotiate the Steeplecrest purchase.