KATY, TX-Working its way through bankruptcy, MBS Cos. has sold the 228-unit Merrywood Apartments in the far west submarket to Venterra Realty. Sources estimate the Webster, TX buyer paid $65,000 to $75,000 per unit to get the deed.

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 at once. “From the buyer’s perspective, this was an opportunity to come in and turn the property around,” says Wylie, who represented Metairie, LA-based MBS Cos. in the asset’s marketing and transaction. He tells GlobeSt.com that Venterra will spend some money to spruce up the complex, but “the issues weren’t so much physical, but involved management and the financial tenant profile.”

Venterra, as it always does, will manage the now 80%-leased complex, which one-, two- and three-bedroom units measuring from 673 square feet to 2,000 square feet. Monthly rents range from $819 to $2,015.

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