(Read more on the multifamily market.)

AUSTIN-A partnership of Atlanta-based Post Properties Inc. andlocally based Ardent Residential has closed on the second of twoadjoining apartment complexes that they plan to demolish andreplace with a single multifamily project about twice as large. Thejust-closed deal is the 32-unit Kingswood Apartments.

The partners earlier had acquired the 140-unit Bull CreekApartments at 4320 Bull Creek Rd. Chris Stutzman, a managingdirector in the Central Texas multifamily group at Transwestern inAustin who represented the seller of Bull Creek and buyer ofKingswood at 4318 Bull Creek Rd., would not disclose prices foreither deal. But, the larger property has an appraised value of$2.58 million and the smaller one is assessed at $1.56 million byTravis County. Jeff Rogers, also a managing director atTranswestern, worked with Stutzman on both deals.

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