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.

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."

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.