Birkel International Partners Ltd., a privately owned developerbased in Bryan-College Station, sold the class A community toSouthwest Signature Park Partners LP, a private investment firmbased in Dallas.

Will Balthrope and Don Ostroff of Cushman & Wakefield ofTexas Multi-Housing Group, represented the buyer and seller of theone-year-old complex. The selling price was not disclosed, but aCushman & Wakefield release concerning the Signature Parktransaction and one for an 800-unit property in Dallas said theysold for a total of $47 million. The Brazos Appraisal District putsthe value of the Bryan property at $14.7 million. The asking pricewas $21 million.

Balthrope tells that the transaction took 120 daysfrom listing to closing, a very quick turnaround. The property,which is about 94% occupied, attracted interest from severalbidders because it's adjacent to a convention center, hotel andoffice project due to be built in 2003-2004 and in the path ofBryan's growth to the east, he says. "It was one of those fewtransactions you get a year where everything just goes right," hesays. "The buyer and seller both performed as advertised."

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