HOUSTON-A three-property, 1,038-unit portfolio has been brought to market by TriTex Real Estate Advisors II Inc., an arm of TriMont Real Estate Advisors of Atlanta. The special servicer has attached an asking price of $20.5 million to the portfolio, though one-off offers are certainly welcome.

Transwestern’s Ed Cummins tells GlobeSt.com that the 1980s complexes are being offered as a single portfolio because of their proximity to one another. The 244-unit Monticello on Cranbrook; the 520-unit Polo Club on Cranbrook and the 274-unit Timbers of Cranbrook are all on Ella Boulevard and are all “within walking distance of each other,” says Cummins, who is partnering with Transwestern colleague Clint Duncan on marketing the class B portfolio.

Cummins declined to discuss the portfolio’s background, only to point out that there is significant upside (the occupancy is north of 80% with plenty of room for growth in term of rents and occupancy) and a value-add component (there is room for curb appeal improvement as well as minor interior upgrades). He adds that there are few units that are offline.

The assets at one time belonged to Dallas-based Walden Residential Properties. Olympus Real Estate Partners, the real estate arm of Hicks, Muse, Tate & Furst took possession of this portfolio and other real estate assets when it bought Walden Residential in early 2000.  Cummins says Greystar has been managing the portfolio for a little more than a year, and that the company has helped increase occupancy.

A call for offers has a late October deadline and Cummins believes the portfolio will attract a wide variety of buyers. “We’ll see a lot of local activity as well as some out-of-state activity,” he added.  A recent portfolio brought to market, he continued, attracted many out-of-state investors.