Judwin built the 13-building complex at 1315 NASA Pkwy. between 1968 and 1976, sold it in 1984 and then bought it back in 1995. This time, there were 19 offers on the table for the 95%-leased asset, with Cottonwood Capital of Salt Lake City winning the deal due to its track record in the area, reputation for closing and pricing, according to David C. Wylie, partner and principal in Houston for Apartment Realty Advisors.

Wylie says money wasn't the only objective. "We didn't take just price into consideration and they weren't the highest offer," Wylie tells GlobeSt.com. "We felt like they had the best chance of getting the deal done." The seller's team included ARA partners and principals David Mitchell, David K. Oelfke and Matthew P. Rotan and vice president Russell D. Jones.

"This is an asset they've held for quite a long time and it's done very well for them," Wylie says. "This was simply an investment strategy for them to sell some of their long-term holds and use that money to buy and develop new assets."

In 2007, Judwin did the same thing with two other properties in nearby Katy: the 276-unit Ashley House at 3903 S. Mason Rd. and 352-unit Cornerstone Ranch at 2002 S. Mason Rd.

The Regatta's new owner came away from the deal with a class B-plus asset next door to NASA's Johnson Space Center. Harris County has the 16.55-acre complex assessed at $15.9 million.

The Regatta is a mix of one-, two- and three-bedroom units measuring from 593 sf to 1,525 sf. In-place rents range from $545 to $1,182 per month. Wylie says the buyer will make tweaks to the complex, with plans to increase the rent by approximately 10 cents per sf.

"Clear Lake is one of the best markets right now in terms of rental operations," Wylie explains. "The play in this was that the buyer could make some minor improvements to the property and bridge the gap from a B-plus asset to an A-plus one."