Jeffrey L. Patterson, vice president with Apartment RealtyAdvisors in Austin, represented the seller of the 95%-leasedcomplex at 3207 E. Airline Rd. He says the company is divesting ofsome older, assets in tertiary towns to redeploy capital into newercomplexes in major markets.

"We'd had this on the market in early 2007, but the sellerpulled it off and was going to refinance it when this buyer camealong," Patterson tells GlobeSt.com. "He was pretty persistent soin the end we accepted the offer from him." He adds that YatesHawaii Inc. of Houston also is familiar with the area. Last summer,it acquired the 288-unit Autumn Park Apartments at 4405 NavarroSt., which is about three miles northwest of its recentacquisition.

Patterson says BH Equities added value to the 1979 asset withextensive renovations during its 10-year hold. Victory CentralAppraisal District has the property assessed at just under $2million.