$2.2-billion buy-out,

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The Chicago-based buyer, Transwestern Multifamily Partners LLC,didn't return telephone calls to discuss the acquisition of the24.4-acre signature development at 6201 Love Dr. Archstone-Smithhad a no-talk order resting against the asset sale, which wasmarketed by Cushman & Wakefield of Texas Inc.'s senior directorDon Ostroff and associates Lamont Rattler and Jason Boyce.

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Multifamily brokerage circles consider the Grand Venetian at LasColinas to be one of the top properties of its type in thesubmarket. Archstone had renamed the 23-building asset ArchstoneLas Colinas after it bought it as Oakwood at the Grand Venetian in2001. The changed monikers, though, never quite stuck in localcircles.

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The Dallas team for Italy-based Palladium Group Inc. developedthe Grand Venetian in 1998, a well-parked development with itsfront door actually along MacArthur Boulevard, a primarythoroughfare, rather than Love Drive and on the banks of one of thelakes created by damming Hackberry Creek. The one-, two- andthree-bedroom units average 938 sf. The location was cemented witha design that sports a 60-foot glass tower, full-service healthclub instead of a run-of-the-mill fitness center, three swimmingpools, one with a waterfall, and a sand beach. According to rentalwebsites, the month rates run from $740 to $1,300.

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Palladium sold the asset in October 2001 to Los Angeles-basedOakwood Corporate Housing, which had presented it as a hotel-typeproperty to target the corporate housing market. At that time, the482,000-sf asset traded for $89 per sf, which factors out to $42.89million. Oakwood, in turn, passed it to Archstone, reportedly foroperating partnership units in the REIT. With the Las Colinassubmarket clearly recovered from the 2001 downturn, the seller mostlikely banked the going market rate for comparable assets, whichhave been weighing in at $90,000 to $100,000 per door.

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