The 94.2%-leased Hunters Point, situated on 12 acres at 1805 NEGreen Oaks Blvd., is assessed at $11.1 million by Tarrant County'sappraisal district. Alex Brown, the Baltimore-based equity partner,and Price picked up the asset from VR Hunters Point LP of Webster,TX, which had Apartment Realty Advisors in Dallas at the head ofthe marketing campaign.

"This asset was very well priced," Thomas Burton, Alex Brown'sCFO, tells GlobeSt.com, adding the final cost was more akin todeals 12 to 18 months ago. And, he predicts the future will holdmore of the same whether it's due to distressed conditions ormotivated sellers.

Hunters Point is a class B plus in a class A location, accordingto Burton and Alex Brown's acquisitions officer Craig Dranbauer,who sourced the deal. Burton says the purchase was underwritten fora five- to seven-year hold.