(To read more on the multifamily market, click here.)

HOUSTON-Following 18 offers during a 30-day marketing period,the foreclosed Briargrove Court, a 234-unit multifamily property,has been sold to a Birmingham, AL investment company with arepositioning reputation.

Abbey Residential, formerly Investment Company of the South,bought the 8.1-acre development at 1202 Seagler Rd. as part of a1031 exchange. Freddie Mac put the foreclosure on the market for$8.9 million. The final price is being withheld, but the currentHarris County assessment is $7.36 million.

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