NEW BRAUNFELS, TX-Whittling down its multifamily portfolio piece-by-piece, Metra United has sold the 164-unit Grand Cypress Apartments for just under the $11.5-million ask. The seller, a joint venture between an Israeli conglomerate with a Dallas base and a Boca Ratan, FL operating partner, acquired the 13-property portfolio from United Dominion Realty Trust in 2002. To date, Metra United has sold three of the portfolio's Texas properties, and has three others in escrow with closings anticipated within the next 30 days.

According to Don Ostroff, senior director with Cushman & Wakefield of Texas Inc.'s Dallas office, Grand Cypress buyer Advenir Inc. of Plantation, FL came along with the best offer for the class A apartment at 453 N. Business Interstate 35, beating out seven other bidders for the acquisition. In addition, "the buyer had the best capability and credibility, and he did his inspection in 30 days," says Ostroff, who with Cushman & Wakefield's Jason Boyce and Lamont Rattler represented the seller.

The buyer, who was represented by Chris Paul Realty in Phoenix, was also willing to work through a loan assumption, which stretched out the escrow period. Ostroff says that because the existing $7.85-million loan at a 6.15% fixed-rate interest didn't expire until 2012, a significant pre-payment penalty exists.

The transaction marks the buyer's first in the south-central Texas market, and the company also just closed on the 900-unit Pavilion in Dallas. "They're ramping up their presence in Texas, starting in Dallas and San Antonio," Ostroff tells GlobeSt.com. "They're actively looking."

The 93% occupied Grand Cypress has a mix of one- and two-bedroom units, offered at a monthly rent from $615 to $988. The apartment sizes range between 613 sf and 1,088 sf.