The local buyer has bought the 8901 Bissonnet St. complex out offoreclosure from Fannie Mae, which has Atlanta-based Trimont RealEstate Advisors as its representative in the deal, according to M.Todd Marix, senior vice president for CB Richard Ellis in Houstonoffice. He says Stoneriver attracted several offers, but presenteda financing challenge. Marix says Poseidon financed the transactionwith a bridge loan that will be rolled to permanent financing oncethe complex is stabilized.

"This complex was a victim of previous management that was in adownward spiral," Marix says. He teamed with CBRE's executive vicepresidents G. Craig LaFollette and J. Todd Stewart, seniorassociate Tre T. Banks and associate Christopher D. Curry to sellthe asset.

Marix says Trimont came onto the scene in spring 2007."Stoneriver was 75% occupied when they came in," Marix tellsGlobeSt.com. "They got rid of a real bad element there--unqualifiedfolks who weren't paying rent. There was crime, and gang activityand drug trafficking, but the new management came in and cleaned itup."