"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.

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"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.

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"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."

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McGregor and his partners, who bought the 1970s complex for justunder the $4.5-million asking price, plan to invest an additional$500,000 for interior upgrades. Also in the budget is thecompletion of 16 offline units.

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"One of the buildings lost a roof and it destroyed the entireinterior," Eisenhardt tells GlobeSt.com. "It had to be rebuilt fromthe studs up." The former owners began the work of rebuilding,which the buyers will complete.

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Situated on 5.1 acres, the 12-building Pecan Shadows Apartmentshas one-, two- and three-bedroom units measuring from 627 squarefeet to 1,645 square feet. Monthly rents are between $485 and $975.Occupancy is 88%, minus the offline units.

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Pecan Shadows Apartments is the final asset to sell from athree-property portfolio. The 156-unit Granada Terrace at 1301Avenue A sold in October 2007 to a HUD buyer from Dallas. ACalifornia buyer snagged the 135-unit Winkler Villa at 123 WinklerDr. last April.

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