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.

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

Merrywood Apartments is the latest local sale resulting from MBS' late 2007 bankruptcy filing. In the past six months, MBS has unloaded several Houston-area complexes: the 322-unit Lodge of Baybrook at 19100 Glenwest Dr. in Friendswood; 228-unit Huntwick Apartments at 5100 FM 1960 Rd. in far northwest Houston; and 228-unit Timbers of Pine Hollow at 2020 Plantation Dr. in Conroe. "I believe they have a couple of assets left in the area, but that's about it," Wylie says.