On the block are the 248-unit Bent Tree Brook at 4820 WestgroveDr.; the 196-unit Bent Tree Oaks at 4815 Westgrove Dr. and the184-unit Bent Tree Fountains, located around the corner at 16400Ledgemont Dr. The assets were constructed in the late 1970s, andHall upgraded 171 units with new cabinets, baths, countertops,flooring and carpet and stainless-steel appliances.

Still, according to the Hendricks and Partners brokers who havethe marketing assignment, there is enough value-add potential for anew owner in the 93%-occupied portfolio. "People have been tryingto buy these for years. But Hall Financial has never been a seller,until now," comments Tom Burns with Hendricks and Partners' Dallasoffice. Also on the marketing team are Jay Gunn and Tom Warren inthe Dallas office, and Jim Hearn, who operates from Houston.

Another part of the deal is its assumable debt at 4.9% as wellas seller-provided mezzanine debt, also at 4.9%. "We've addressedthe capital structure of these assets and the value-add component,which is key to this," Gunn explains.