SAN ANTONIO-A year after Michael B. Smuck, head of apartment owner MBS Cos. filed for bankruptcy, brokers, buyers and sellers continue to make their way through its vast portfolio of Texas multifamily assets. Even with around 2,000 units disposed of in 2008, brokers working with the Metairie, LA-based company say more will likely be up for sale in 2009.

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.

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