M. Todd Marix, senior vice president with CB Richard Ellis'Houston office says JAW Equity Management LLC beat out close to adozen competing offers because the local company came in with alarge portion of non-refundable earnest money. Marix, whorepresented seller Whittaker Lauderdale Group of La Quinta, CA addsthat the buyer obtained financing from Capmark Financial Group Inc.to complete the transaction.

[IMGCAP(2)]A specific price for the transaction was kept underwraps. Area sources note, however, that similar class C assets thatare approximately 30 years old trade for approximately $22,000 to$25,000 per door.

"These are difficult properties on which to get financing rightnow," Marix comments. "In this environment, there is so much demandfor Fannie Mae and Freddie Mac financing, those lenders can affordto be selective, and they're passing over a lot of the C stuff tofinance the A and B stuff."