Cascade at Fall Creek is being built on a 12.5-acre tract at8330 N. Sam Houston Pkwy. David Mitchell, a principal in Houstonfor Apartment Realty Advisors, says the Memphis-based REIT becameinterested in Cascade last July when it bought the just-completed,268-unit Chalet at Fall Creek at 8440 N. Sam Houston Pkwy."Basically, this ended up being a two-phase deal," Mitchell tellsGlobeSt.com.

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Mitchell says Martin Fein Interests was enthusiastic about doingbusiness with Mid-America for a couple reasons, citing the buyer'srespect for Fein as one. In addition, he says "Mid-America couldclose all-cash, and eliminate any financing contingencies."

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He adds Mid-America's in-house management team will take on thelease-up challenge of Cascade at Fall Creek, which is nearing itscompletion. The average unit is 937 sf, with pro forma rents at$1.14 per sf.

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ARA principals David Wylie, Matthew P. Rotan and David K. Oelfketeamed with Mitchell to broker the transaction. In early 2006, thedeveloper sold another Fall Creek complex, the nearby 252-unitSierra at Fall Creek at 14951 Bellows Fall Lane to a LosAngeles-based investment group.

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