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

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

Patton Jones, director for Apartment Realty Advisors in Austin, tells GlobeSt.com that the complexes are all located in good submarkets. "They lend themselves well to value-add programs," he says. "There are a lot of dollars chasing those programs right now and these properties fill that niche."

In the Arboretum area, the portfolio includes the 280-unit Village Oaks at 10926 Jollyville Rd., 408-unit Arboretum at Stonelake at 9801 Stonelake Blvd. and 161-unit Madison at the Arboretum at 10307 Morado Cove. The package includes the 448-unit River Stone Ranch at 5701 Mo Pac Expressway South and the 396-unit Sedona Springs at 4201 Monterey Oaks Blvd. in the East Oak Hills area. Also on the "to go" list are the 260-unit Madison at Scofield Farms at 13401 Metric Blvd., 300-unit Madison at Wells Branch at 3201 Century Park Blvd. and 342-unit Madison at Walnut Creek at 12113 Metric Blvd. and 390-unit Madison at Stone Creek at 6800 McNeil Dr.