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

"These were class A properties in class A locations with amotivated seller," says Balthrope, who has the marketing assignmentfor $95 million portfolio. The call for offers has come and goneand "we had a lot of interest in them," Balthrope says. Heacknowledges the issue with the complexes, which were built between1997 and 2006, involved poor operations, as opposed to assetquality.

Other MBS complexes had different issues. Assets recently soldto Dallas-based Triumph Land & Capital Management, such as the232-unit Wall Street Apartments in northwest San Antonio, requiredcapital investments. As Triumph is a value-add player, thispresented no problem.