The most recent assets on the market are the 326-unit Lodge at Sonterra at 210 E. Sonterra Blvd. and the 322-unit Windsor House Apartments, formerly Colonial Village at Haverhill, at 1222 Vance Jackson Rd., both in San Antonio. Also part of the collection is the 334-unit Stone Lake Apartments at 2651 Stone Lake Dr. in Grand Prairie, TX. Will Balthrope, senior director with Marcus & Millichap Real Estate Investment Services' Dallas office says a former MBS partner took over these three assets and put them on the market, complete with an assumable loan.

"These were class A properties in class A locations with a motivated seller," says Balthrope, who has the marketing assignment for $95 million portfolio. The call for offers has come and gone and "we had a lot of interest in them," Balthrope says. He acknowledges the issue with the complexes, which were built between 1997 and 2006, involved poor operations, as opposed to asset quality.

Other MBS complexes had different issues. Assets recently sold to Dallas-based Triumph Land & Capital Management, such as the 232-unit Wall Street Apartments in northwest San Antonio, required capital investments. As Triumph is a value-add player, this presented no problem.

Sales director Patton Jones with Apartment Realty Advisors' Austin, TX office says the bulk of MBS' huge portfolio ended up with TriVest Residential LLC in Dallas. "The positive side is that companies like TriVest have stepped up, assumed the loans and are repositioning the properties," says Jones, who has handled the disposition of San Antonio and Austin assets for MBS.

Balthrope and Jones say even with all the activity in 2008, the MBS portfolio is far from depleted. "Some of these situations had different partners coming in and taking over," Jones tells GlobeSt.com. "Some have wanted to sell. Some have wanted to turn around the assets themselves. Then there are assets still in receivership. It's not an easy puzzle to figure out."

"All of these assets are scattered all over the place, like confetti," Balthrope adds. "There probably won't be any kind of finality on this for MBS for another year."