Market sources say similar class B assets in prime locations inthe capital city are going for about $95,000 per door. Eachcomplex, about 15 years old, contains one- and two-bedroom units,ranging from 500 sf to 1,200 sf. Monthly rents are $670 to $760 permonth.


The marketing team has confirmed the contract, but is mum aboutdetails, including a tentative closing. The CB Richard Ellis teamis being led by vice chairman Charles Cirar and associate JaclynFitts, both in Austin, and vice chairman Sean Deasy in the Ontario,CA office. The pending sale is indicative of the Chicago-basedseller's plan to exit secondary and tertiary markets to focus oninvesting in primary markets on the East and West coasts.


Patton Jones, director for Apartment Realty Advisors in Austin,tells that the complexes are all located in goodsubmarkets. "They lend themselves well to value-add programs," hesays. "There are a lot of dollars chasing those programs right nowand these properties fill that niche."


In the Arboretum area, the portfolio includes the 280-unitVillage Oaks at 10926 Jollyville Rd., 408-unit Arboretum atStonelake at 9801 Stonelake Blvd. and 161-unit Madison at theArboretum at 10307 Morado Cove. The package includes the 448-unitRiver Stone Ranch at 5701 Mo Pac Expressway South and the 396-unitSedona Springs at 4201 Monterey Oaks Blvd. in the East Oak Hillsarea. Also on the "to go" list are the 260-unit Madison at ScofieldFarms at 13401 Metric Blvd., 300-unit Madison at Wells Branch at3201 Century Park Blvd. and 342-unit Madison at Walnut Creek at12113 Metric Blvd. and 390-unit Madison at Stone Creek at 6800McNeil Dr.

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