Edward Nwokedi, a director in Houston for Dallas-based Cushman& Wakefield of Texas Inc., says the two complexes are situatedwithin three blocks of each other. Nwokedi, who representedDenver-based Aimco, says the portfolio attracted half a dozen bonafide offers. "Three of the serious bidders ended up in the best andfinal," he explains. "The client was most comfortable withMosaic."

The 98%-leased Crow's Nest at 501 Davis St. has one- andtwo-bedroom units ranging from 664 sf to 1,000 sf. The average rentper sf is 93 cents per sf. The 87%-leased Sand Castles at 2751 E.FM 518 has two- and three-bedroom units from 952 sf to 1,006 sf.Its average monthly rent is 82 cents per sf.

Nwokedi tells GlobeSt.com that Mosaic Residential was the idealbuyer because of its willingness to work within the seller'sdeadline, especially when it came to financing. The buyer obtaineda Fannie Mae loan, with part of the financing going towardupgrading the complexes.