Los Angeles-based RPD Catalyst bought thebuilding at 13100 Northwest Fwy. a little more than threeyears ago. According to Rudy Hubbard of Transwestern's Houstonoffice, RPD Catalyst put some capital into the building during thethree-year hold.

"The seller is focusing on other property types," says Hubbard,who worked with Transwestern's Leah Gallagher to broker thetransaction. "They have a fund they're putting together formultifamily acquisitions." Hubbard tells GlobeSt.com that the assetattracted several offers, with Fausset-Neely offering the mostcompetitive price and paying all cash for the deal.

Rick Fausset with Fausset-Neely says the company was looking forfinished housing lots in Houston when Hubbard suggested the companygive a look-see at Northwest One. Given that there is no debtinvolved, Fausset says the plan is to offer aggressive rental ratesin an attempt to stabilize the building, which is currently 44%occupied.

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