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BRYAN, TX-Signature Park, a 336-unit apartment complex, sold in hotly contested bidding after being on the market for just four months.

Birkel International Partners Ltd., a privately owned developer based in Bryan-College Station, sold the class A community to Southwest Signature Park Partners LP, a private investment firm based in Dallas.

Will Balthrope and Don Ostroff of Cushman & Wakefield of Texas Multi-Housing Group, represented the buyer and seller of the one-year-old complex. The selling price was not disclosed, but a Cushman & Wakefield release concerning the Signature Park transaction and one for an 800-unit property in Dallas said they sold for a total of $47 million. The Brazos Appraisal District puts the value of the Bryan property at $14.7 million. The asking price was $21 million.

Balthrope tells GlobeSt.com that the transaction took 120 days from listing to closing, a very quick turnaround. The property, which is about 94% occupied, attracted interest from several bidders because it’s adjacent to a convention center, hotel and office project due to be built in 2003-2004 and in the path of Bryan’s growth to the east, he says. “It was one of those few transactions you get a year where everything just goes right,” he says. “The buyer and seller both performed as advertised.”

Signature Park also is the only class A apartment complex in Bryan-College Station, the home of Texas A&M University, that doesn’t rent to college students. The complex, at 3780 Copperfield Dr. in Bryan, has one-, two- and three-bedroom apartments and floor plans ranging from 628 sf to 1183 sf.

Balthrope and Ostroff, who joined Cushman & Wakefield in September from Grubb & Ellis, have 75 new Texas listings coming to the market.

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