Todd Marix, first vice president with the Houston office of CBRichard Ellis Inc., tells GlobeSt.com that Denver-based AIMCOtypically does not affix listing prices with its properties, butthe financial expectations for offers on Sandalwood hovered around$8 million. The actual sales price was not disclosed.

The property is positioned at 311 Highland Cross near theintersection of FM 1960 and Interstate 45. It was on the marketabout 45 days, drawing some 20 offers, says Marix. The 23-year-oldcomplex offered upside potential in rent and occupancy.

Marix says the property had an occupancy rate in the low 80%range at sale time. Its neighbors are boasting rates in the 90%range. The same is true of the Sandalwood's rent, which isaveraging 72 cents per sf or $494 per month. A like property rightnext door is getting 78 cents per sf or $534 per month. Marix saysthe difference is Northpark Crossing has been extensively rehabbedand has more attentive management. Sandalwood was sharingmanagement with another AIMCO property.