"Belco was able to handle that part of the deal better than theother bidders," says Jeffrey Rogers, managing director inTranswestern's Austin office. He and Transwestern managing directorChristopher Stutzman represented the seller, Brookstone Associatesof Austin. The complex, situated at 1773 Wells Branch Pkwy., cameon the market with a $14-million ask. Market sales show similarclass B complexes have traded for $50,000 to $75,000 per door.

Rogers says Brookstone Associates owned the 95%-occupied complexsince 1994. "This was a partnership that made the decision that nowwas a good time to put this on the market," he says.

Rogers tells GlobeSt.com that insurance settlements for theburned units were part of the deal, which Belco will use for theirrenovation. The new owner also plans to upgrade other parts of the15-building complex. "There will be some exterior enhancement andinterior refurbishments," he says. "We also know they're going toinstall new roofs."