J. Todd Stewart, senior vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com that the listing, with an asking price of nearly $15 million, baited 14 offers in a 30-day marketing period. The number of would-be buyers was particularly significant because the holding carried a non-pre-payable Fannie Mae debt that had to be assumed by the buyer, Stewart points out.

The buyer of record is Gables at Richmond LP. The buyer's headquarters location is not being released, but GlobeSt.com has been assured the buyer is not Boca Raton, FL-based Gables Residential Trust nor has the property ever been affiliated with the high-profile multifamily developer and owner.

The CBRE team of G. Craig LaFollette, senior vice president, Todd Marix, first vice president and Stewart previously sold a 496-unit complex in Wichita, KS on Claremont's behalf. Still to sell is a 204-unit complex on Houston's west side. Claremont acquired the properties in a portfolio buy three years ago. Stewart says the trio was marked for sale due to the favorable prices being realized from multifamily properties.

The Gables at Richmond was 93% occupied at sale time. Rent averages 76 cents per sf, with the average unit being 746 sf. Stewart says the property has been rehabbed, but the new owner will do some cosmetic upgrades to the exterior.