'Built in the late 70's, Winchester Gardens consists of 48 two and three-bedroom duplex townhouses, that average about 1,000 sf per unit, in a Colonial village setting. Each unit has a private, fenced-in yard, modern kitchens and baths, hardwood flooring throughout, unfinished basements, and washer and dryer hookups. Debt financing for the acquisition was provided by Compass Bank in Dallas. The deal was brokered by Chris Delaney and Art Venezia of Delaney & Venezia of Watertown, MA, who represented the seller and procured the buyer.

The JV, formed in September of 2004, established a fund of an undisclosed amount to acquire multifamily assets in the Northeast and Texas markets. Criterion will seek to identify multifamily development opportunities in "smart-growth" areas, which they define as mixed-use areas of residential, retail, and office space already served by key infrastructure components such as mass transit systems.

"It's where we have expertise, and we're focusing on high barrier-to-entry markets." Christopher Harris, CFO and executive VP at Criterion, tells GlobeSt.com. Criterion has a Boston office in addition to its Texas headquarters and Boston-based GID currently boasts a portfolio of 15,000 apartment units in 15 states.

The units, which command an average rent of $1,650 per month, will be offered for sale to the public on April 1, with initial offerings in the "low to mid $300,000 range," according to Heather Culp, development manager for Criterion. The Residences at Winchester will be offered through Coldwell Banker's new homes division, and current tenants at the complex have 90 days to submit an offer.