Seller Wentwood Hartford LP, a private capital group from the northwestern US, brought the 20-year-old asset to market in keeping with its normal turnover strategy. The property at 3939 Synott Rd. was listed for $12 million. The Harris County Appraisal District has the 9.5-acre holding assessed at $8.2 million.

Trimark financed the acquisition and renovation through Protective Life Insurance of Birmingham, AL. Susan L. Hill, senior vice president and local director for Minneapolis-based NorthMarq Capital Inc., arranged the financing. She says Trimark has allocated $2,500 per door for the renovation, which includes some deferred maintenance and new landscaping.

The CB Richard Ellis Inc. team of G. Craig LaFollette, senior vice president, J. Todd Stewart, senior vice president and Todd Marix, senior vice president marketed the building on behalf of the seller, who bought the property in 1996. The Dallas-based Trimark used an in-house broker to structure the deal.

Stewart tells GlobeSt.com that the transaction went from start to finish in 15 weeks. Trimark's offer came in before the bid due date, with the seller immediately accepting it, Stewart explains, describing the move as a "preemptive strike" because it pushed other would-be buyers from the field of contention. Stewart says the seller owns other multifamily properties in the city, but disposed of Hartford Park because it was considered the right time in the ownership cycle.

The 93%-leased complex has units that average 820 sf. Rent is 72 cents per sf, but will jump three cents, according to Hill.