The buyer sold Brays Village, an apartment complex in the city's southwest submarket, as the first leg of the exchange, Todd Marix, vice president with the Houston office of CB Richard Ellis Inc. tells GlobeSt.com.

The Thicket at 13011 Northborough is located in the FM 1960 submarket, close to the Greenspoint and George Bush Intercontinental Airport employment centers. AIMCO was seeking $20,000 per unit or $5.6 million. A confidentiality clause bars the brokers from disclosing the selling price.

Marix said the sale is just part of AIMCO's strategy to eliminate older properties in need of capital improvements. He can't say now much the new owners will be investing, but did say the Thicket will be getting "major interior and exterior renovations."

Marix said the property presents serious upside potential both in rent and occupancy. He believes rent is below the submarket average of 74 cents per sf. Additionally, occupancy stands at just 84%, whereas its neighbors fall in the low to mid-90% range, Marix said.

The upside potential made the offering very popular among its suitors. Marix says the facility piqued interest from 12 to 15 would-be buyers in the 45 days it was on the market.

The seller had a formidable CB Richard Ellis team steering its interests: G. Craig LaFollette, senior vice president, and J. Todd Stewart, senior vice president, in the Houston office; Sean Cunningham, senior vice president, and Tyler Anderson, senior vice president, in Phoenix; and Marix.