The 32-year-old complex at 5600 Chimney Rock was picked up by asoutheastern charitable foundation. The buyers plan to operate theapartment community as affordable housing.

In what is becoming a growing trend, the foundation chose to buythe complex with conventional financing obtained via Wall Street,G. Craig LaFollette, senior vice president with the Houston officeof CB Richard Ellis Inc., tells GlobeSt.com. Later, the foundationwill complete the necessary steps to designate the property asaffordable housing. LaFollette says this trend is becoming morepopular because obtaining financing as an affordable housing owneris a stumbling block in closing many deals. Sellers most oftendon't want to wait the five to eight months required to processsuch a deal, says LaFollette.

In the case of Sharon Park Village, the buyer competed against10 other offers in a sales cycle that took about 30 days. The classC complex was 93% occupied at sale time. The average unit size is739 sf. Rent averages 70 cents per sf or $516 per month.