HOUSTON-Following a $5-million investment for upgrades and renovation, the 810-unit Park at Voss has been placed on the market for $52.7 million by Sterling American Property Inc. of New York City.

Sterling American and Dallas-based BH Management Services Inc. bought the 2424 S. Voss Rd. property in 2003 for close to $39 million. "This was brought up several notches from where it was four years ago," says a Sterling American contact. "It's basically a stable property now and will produce sufficient cash flow going forward."

The source tells GlobeSt.com that the sale is occurring because a fund is being liquidated rather than any desire to pull out of the Houston market. "We like Houston and we like the market. We have several holdings still in the area," he adds.

The Park at Voss' occupancy is in the high 90% range. The spokesman says the property is attractive to institutional as well as private investors. "It lends itself to a great investment or long-term hold," he adds.

The complex, built in 1970, is a mix of studios and one- and two-bedroom units averaging 754 sf. Monthly rents average $709.

Sterling upgraded interiors and the exterior. The renovations included an expansion of the clubhouse and conference center. Jim Hearn, Ed Cummins and Ryan Terrell in Hendricks & Partners' Houston office have the listing.