TJ Shan of Harleysville, PA, backed by equity from a HighlandPark, TX family, scored the win of the 3001 W. Normandale St.property with an all-cash offer. "Given the market, we elected togo with the second highest bidder because of his history,reputation and ability to perform," Peter Hartnett, associatepartner in Dallas for Phoenix-based Hendricks & Partners, tellsGlobeSt.com. "The key right now is trying to find people who cancarry their own paper."

The sweet spot to the acquisition is the buyer got the deed for60% of the loan balance, according to Hartnett, who was selling thedeal for Miami-based LNR Properties Inc. "It's hard to lose onthat," he adds. MBS filed for bankruptcy in late 2007. About twoweeks ago, two more complexes were sold in Houston after beingpulled fromreceivership, but Hartnett says Crescent Oaks possibly isthe first actual foreclosure in the stack to sell in Texas.

Hartnett says the Crescent Oaks' new owner expects to invest upto $500,000 to get the 23-building complex, built in 1978 on 11.25acres, in tip-top shape. "There was very little deferredmaintenance," the broker adds, saying the capital infusion isdirected toward bumping the class C plus to a class B with theredo. He says LNR had spent at least $250,000 on repairs on itsmake-ready plan for the sale.