The complex at 3030 Elmside St. in Houston's Westchase submarket attracted a handful of offers, selling within 90 days of coming to market, Jim Hearn in the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com. Seller Sharp Audubon Houston LP, with principals in Atlanta and Chicago, sought $16 million for the holding.

The seller, which acquired the asset in 1998, pumped about $18,000 per unit or more than $4 million into upgrades, according to Hearn. He says the property is the nicest in its neighborhood and straddles the line between class A and class B.

Hearn says the seller disposed of the asset because the rehab was done and the market was ripe for selling. He wouldn't say how much money changed hands at the closing table, but did say the condition and debt-free status significantly aided the deal. Buyer Sabino Stonecrossing LP's backers, who have an Austin office, own several multifamily properties in Texas, according to the Hendricks adviser.

Occupancy was in the low 90% range at the time of the sale. The average unit size is 880 sf and the average rent is $840 per month. Built in 1978, the complex is situated on about 10 acres. The property was assessed at more than $9 million in 200 by the Harris County Appraisal District.