Patton Jones, sales director in Austin and San Antonio for Apartment Realty Advisors, seller Bruder Co. trades in and out of properties on a regular basis so the sale of 8631 Fairhaven St. doesn't represent a permanent departure from San Antonio. "This transaction had nothing to do with the market. The market is strong today and the property performed well while he owned it. He just wants to move into different assets," says Jones, who listed the property with Apartment Realty Advisor colleague Jeff Pritchard. The brokers also helped Bruder to sell the Willows Apartments at 6400 Wurzbach Rd. in February 2006.

Jones says the buyer was brought to him by Dave Lawhorn of Investment Realty Co. "This buyer has a construction background and was excited about repositioning the property," Jones tells GlobeSt.com. "We knew right off he was a serious buyer with a plan. That's what you want on these older properties."

Situated on 8.7 acres, the 1971-built Sonoma Canyon was 92% occupied at sale time. The 16-building complex has a mix of efficiencies, one- and two-bedroom units measuring from 483 sf to 990 sf. The monthly rent goes from $425 to $695. Jones says the buyer plans to rehab and self-manage the property.