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 GlobeSt.com 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."