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.

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"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.

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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.

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According to Patterson, the new owner will continue to improvethe complex by renovating the exterior. Centra Asset Management ofHouston has been tagged to handle leasing and propertymanagement.

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Built in 1979 and situated on slightly more than four acres,Stratford Place Apartments has one-, two- and three-bedroom units,ranging from 729 sf to 1,299 sf. Monthly rents begin at $469 andtick up to $699.

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Patterson worked with ARA's transactions manager Jonathan T.Boone for the disposition. Patterson says the city is starting tosee more demand for rental units because it's the homeport for manypetrochemical companies. "The area saw a good increase in rents andoccupancies in 2007," he adds. "The growth is oil and gas-relatedand is evident in retail, multifamily and single-familydevelopments."

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