Allan J. Sweet, president of Chicago-based AMLI Residential Properties Trust, tells GlobeSt.com that the Western Ridge was tied to a secured financing pool with seven other AMLI assets outside of Houston. To sell the property, AMLI released the mortgage by substituting the debt with the wholly owned 334-unit AMLI at the Medical Center at 7009 Almeda Rd. in Houston.

In 2000 when Western Ridge delivered, AMLI paid $20 million for the Westchase holding. The holding currently is assessed for $20 million, according to the Harris County Appraisal District.

"AMLI's view of Houston is less aggressive than some," Sweet said in a press release. "We used this opportunity to reduce our exposure to this market and recognize a nice profit." AMLI has sold five complexes this year in Texas: 590 units in Dallas and 1,072 in Houston.