Sherman and his team of Curtis Palmer, Andy Sands and Herb Chaseacted as the exclusive broker in the deal, which is one of thelargest acquisitions to close in Texas to date. Sherman tellsGlobeSt.com that CIM Group funded the acquisition in 100% cashthrough one of its funds.

Located in the Uptown area, the Dallas properties consist of:the 103-unit community located at 3636 McKinney Ave.; the 75-unitWest Village community located at 3839 McKinney Ave.; and the334-unit Knoxbridge community located at 4649 Cole Ave. All threeDallas properties were stabilized, Sherman says.

In contrast, the Houston property, the 308-unit Memorial Hillscommunity located at 4200 Scotland St., is a brand new developmentadjacent to the city's major business districts and River Oaks, aprime residential neighborhood. Memorial Hills is currently inlease up. It, along with the other assets, will continue to bemanaged by Gables Residential.