A source familiar with the deal tells GlobeSt.com that the ownership line involved three single-asset entities for the Kingston Port Apartments at 6162 Misty Meadow Rd., Yardarm Apartments at 10660 Leopard St. and the Shores at 1515 Ennis Joslin Rd.

The 176-unit Kingston Port Apartments was built in two phases, 1983 and 1984, on the city's southern edge. Situated on seven acres, the 12-building complex has one, two and three-bedroom apartments, ranging from 534 sf to 1,140 sf. Rents go from $550 to $995 per month.

The source says the 25-year-old, 150-unit Yardarm Apartments is in a lower income area on the far northwestern side. The 13-building complex, situated on 25.8 acres, has one and two-bedroom units from 690 sf to 1,116 sf. Monthly rents range from $595 to $775.

The 356-unit Shores was built between 1977 and 1981 near Texas A&M University's local campus. The source says 50% of its residents are college students. The 35-building complex, situated on 17.18 acres near Corpus Christi Bay, has a mix of efficiencies as well as one, two and three-bedroom units. Rents go from $490 per sf to $980 per sf per month.

"The seller had these for a long time, more than 10 years," the source says. "We'd call this a value-add play for the buyer."

According to GlobeSt.com's source, the buyer's principal investor, Victor Gruber, is looking to acquire multifamily assets in secondary markets in the state. In late 2007, a Gruber-led partnership bought the 176-unit Parkway Apartments at 1600 Southwest Pkwy. in College Station. "He's looking at assets all over Texas," the source says.

Chris Ross and Scott Weems with Hendricks & Partners' San Antonio office brokered the deal. The brokers declined to comment on the deal, citing confidentiality clauses in the contract.