David C. Wylie, principal with Apartment Realty Advisors'Houston office, says the class A complex at 22400 Westheimer Pkwy.wasn't widely marketed, but it attracted Venterra's attention atonce. "From the buyer's perspective, this was an opportunity tocome in and turn the property around," says Wylie, who representedMetairie, LA-based MBS Cos. in the asset's marketing andtransaction. He tells GlobeSt.com that Venterra will spend somemoney to spruce up the complex, but "the issues weren't so muchphysical, but involved management and the financial tenantprofile."

Venterra, as it always does, will manage the now 80%-leasedcomplex, which one-, two- and three-bedroom units measuring from673 square feet to 2,000 square feet. Monthly rents range from $819to $2,015.

Built in 2000, Merrywood Apartments is located in the high-end,master-planned Cinco Ranch. The investment group bought MerrywoodApartments in May 2006 for $18.2 million.