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

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

The 70%-occupied complex is situated on just under 10 acres. The unit mix offers one- and two-bedroom apartments ranging from 760 to 940 square feet. The average market rent is $580 a month.

Witherspoon tells GlobeSt.com Juniper Investment Group will perform value-add interior improvements and cosmetic exterior improvements to the 1970s-built asset. He explains that Allora Way's upside is more long-term, especially given the current multifamily scenario in the Killeen-Temple region. Killeen is home to Fort Hood which has deployed many of its troops to the Middle East.

"We currently track just over 5,500 units in Killeen and average market occupancy as of 1Q2009 was right at 78%," he says. "The substantial deployment over the past two quarters has impacted the local market and brought down occupancy."

But Juniper Investment Group, which has other properties in the Killeen-Temple region, isn't known for flipping properties. "Their plan is to do some interior and exterior improvements, then hang onto it until the market turns around," Witherspoon says.