"This was a perfect value-add play," comments seller broker David Mitchell, principal with Apartment Realty Advisors' Houston office. "It's in west Houston, was built by Marty Finger, has great bones and is in a great location." Though the actual sales price of the 2828 Hayes Rd. asset was confidential, area sources note that similar west Houston properties have traded for around $80,000 a door.

Mitchell tells GlobeSt.com that the Chicago buyer will upgrade the complex's interiors in hopes of increasing rents by $100 to $150 a month. He adds that three or four similar apartment acquisition deals in the west Houston market have gone the way of the value-add, and have done extraordinarily well. "Value-add is working very well in Houston right now," he notes.

Local company Sentinel is selling off assets as it's coming to the end of hold periods. Mitchell says Apartment Realty Advisors is also marketing the 356-unit 1200 Post Oak Apartments in the Galleria/Uptown submarket. "They'll go and reinvest the money in something else," he explains. "They're definitely looking for other investments."

Built in 1995, City West consists of 26 buildings, and is 98% occupied. The one-, two- and three-bedroom unit sizes range from 679 sf to 1,454 sf, while rents go from $759 to $1,375 per month. TVO Realty Inc. will manage the property.