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


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.


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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