With the deal now done, Claremont will gut and rebuild theproperty for low-to-medium income tenants. Bronxville, NY-basedPark National Capital Funding sold the 30-year-old complex afterbuying it just last year. According to Harris County AppraisalDistrict, the complex is assessed at nearly $1.3 million.

Claremont intends to use the same repositioning formula that itapplied to the 268-unit Woodland Forest, allotting about $5 millionfor renovations and giving it a new name, Azalea Place. TheClaremont strategy is a proven technique. It has just wrapped up arepositioning of the Allen Arms, a 185-unit complex at 1000 S.Allen Genoa in Houston. That undertaking took two years to completeand brought $17,000 per unit when the complex sold.

Jeff Eisenhardt of Phoenix-based Hendricks & Partners'Houston office brokered the apartment sales. He could not bereached by press time to comment on the transactions.

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