"This was marketed since 2006, and has been in and out of escrowseveral different times and for various reasons," says JeffEisenhardt, senior advisor with Hendricks & Partners' Houstonoffice. Eisenhardt, who represented the Santa Clarita, CA seller,says before the current buyer, another interested tax credit buyerhad the complex at 480 W. Parker Rd. tied up in escrow for close toa year.

"Then they got a new CEO who decided he didn't want to buy andrehab buildings, so they had to walk away from a ton of earnestmoney," Eisenhardt comments. Shortly afterward, a second buyersigned a contract, went hard with the earnest money, then droppedout of the deal days before it was due to close.

"This is the third or fourth time this had been under contract,"Eisenhardt acknowledges. "Since day one, we had a lot of activityon this, but just bad luck with buyers."