"This was meant to be a public offering, but it never made it tomarket. We had several reputable private groups that we knew wouldrecognize the opportunity and transact before it hit the openmarket," says Kelly Witherspoon with Apartment Realty Advisors'Austin, TX office.

Witherspoon partnered with ARA's Jeff Patterson, who also worksin the Austin office, to represent the seller. The Houston-basedJuniper Investment Group was self-represented. The sales price waskept confidential, and the Bell County Appraisal District valuesthe property at 4101 E. Rancier Ave. at just south of $4million.

The 70%-occupied complex is situated on just under 10 acres. Theunit mix offers one- and two-bedroom apartments ranging from 760 to940 square feet. The average market rent is $580 a month.

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