The 282-unit Chasewood at 10751 Meadowglen Lane in Houston was marketed at close to $13.5 million; the 462-unit Wallingford at 2750 Wallingford, also in Houston, carried a price tag of about $24.7 million; and the 580-unit Waterford at 3802 Caravelle Parkway in Corpus Christi was priced at slightly more than $22.6 million.

It took only 30 days to find a buyer for the trio, G. Craig LaFollette, senior vice president of CB Richard Ellis Inc.'s Houston office tells GlobeSt.com. The bid process produced 16 offers. It took another 60 days for inspections and coordination of the closing, he said. LaFollette represented the seller along with J. Todd Stewart, senior vice president, and Todd Marix, first vice president in the Houston office of CB Richard Ellis.

LaFollette says the properties sold quickly because they represented the ideal situation for an investor. Each of the class B properties is in excellent condition and well located with a high occupancy. He says Camden sold the assets because their ages did not match up with Camden's portfolio requirements. The Chasewood and Wallingford also are located in the Westchase submarket, where Camden has a strong concentration of properties.

Camden is using the sale proceeds to buy back stock. The REIT has interest in and operates 147 apartment communities in the Sunbelt and Midwestern markets.

Built in 1981, the Chasewood has an occupancy of 93%. The average size unit is 749 sf, renting for $612 per month plus water. The nearby Wallingford, also with a 93% occupancy, was built in 1980. The unit average is 787 sf, with monthly rent falling at $657 plus water. The Waterford in Corpus Christi's average unit of 767 sf is getting a monthly rent of $547 plus water. The Waterford, built in phases in 1977 and 1980, has a 96% occupancy.

Based in Chicago, Alliance Holdings was named in the Top 10 of the 50 largest apartment managers in 2002 by the National Multi Housing Council. At the beginning of 2002, the firm was managing nearly 53,000 units.