Veard & Lowe Investments is the new owner of the98%-occupied community, situated at the corner of Kirkwood and USHighway 59. Fowler Shore Flanigan Investments, a SanFrancisco-based private investor, was the seller.

M. Todd Marix of CB Richard Ellis' Houston multifamily teamtells GlobeSt.com that the class C property is the only affordablehousing project in the area. Its high occupancy made the dealparticularly attractive. Stafford, he is quick to point out, has ashortage of apartment supply and a barrier to entry for newdevelopments.

Fountain Park, says Marix, is surrounded by class Adevelopments. Many tenants of the freshly sold property work in thehigh-end retail centers in the immediate vicinity.The complex wasconstructed in 1970 and renovated extensively in 1995 when FowlerShore Flanigan bought it. The CB Richard Ellis team consisted ofMarix, G. Craig LaFollette and J. Todd Stewart, who represented theseller.