LEAGUE CITY, TX-Apartment Investment and Management Co. has sold two class B properties from its portfolio, with Mosaic Residential most likely paying between $17 million and $18.5 million for the 20-year-old, 314-unit portfolio. The buyer will add the 176-unit Crow’s Nest and 138-unit Sand Castles to a growing portfolio of value-add assets.

Edward Nwokedi, a director in Houston for Dallas-based Cushman & Wakefield of Texas Inc., says the two complexes are situated within three blocks of each other. Nwokedi, who represented Denver-based Aimco, says the portfolio attracted half a dozen bona fide offers. “Three of the serious bidders ended up in the best and final,” he explains. “The client was most comfortable with Mosaic.”

The 98%-leased Crow’s Nest at 501 Davis St. has one- and two-bedroom units ranging from 664 sf to 1,000 sf. The average rent per 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.

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