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

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HOUSTON-A former executive with Apartment Investment andManagement Co. makes his first mark in the area, acquiring the476-unit Trails at Briar Forest. The buyer has snagged the class Bcomplex from Equity Residential of Chicago.

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Although the purchase price is being kept quiet, industryexperts estimate Patrick Slavin of Denver-based Slavin MultifamilyAdvisors LLC has most likely paid more than $25 million for the93%-leased complex at 12951 Briar Forest Dr. The Energy Corridorasset was listed at $33.5 million.

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The buyer plans to invest an additional $3 million to renovatethe property, developed in two phases between 1988 and 1991. "Thiswas a great acquisition and a great value-add deal," says JimPierson, principal with the Phoenix office of Johnson Capital. Heand colleague Keaton Merrell arranged a $21-million Fannie Mae DUSloan through CW Capital in Washington DC.

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A portion of the loan will be used for the renovation. "They'llfund the remaining rehab mostly on their own or come back to FannieMae for supplemental funding," Pierson tells GlobeSt.com.

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The Trails at Briar Forest has a mix of one- and two-bedroomunits, ranging from 551 sf to 1,143 sf. Monthly rents go from $529to $869.

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Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks with CBRichard Ellis in Houston brokered the transaction. GreystarManagement's Houston team will oversee the asset for the newowner.

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