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HOUSTON-The Biarritz apartment complex seemed jinxed from the start. Built to be bought by its next-door neighbor, the deal fell through and it sat without a name or a leasing office when it delivered in 1999. But, the property’s fortunes have changed, with the developer collecting close to the $12.75-million ask for the rechristened asset.

When it went on the market several months ago, the Biarritz didn’t lack for bidders. Six prospective buyers made offers on the 11-building, 191-unit complex at 2255 Eldridge Parkway, but it was the high cash offer–just 5% to10% short of the ask–that won the keys for GF Properties Group LLC of Ignacio, CO.

“It was physically missing some elements you would see in an asset but it’s a fine property now,” Jim Hearn with Hendricks & Partners’ Houston office tells GlobeSt.com. With a first-class fitness center, swimming pool, small business center and garages, the Biarritz has evolved into a class A-minus development with a 92% occupancy.

The one- and two-bedroom units rent, on average, for $842, Hearn says. “The buyer thought it had some good upside potential and was able to buy below replacement costs,” says the deal’s sole broker. The seller of record is Eldridge Apartments II Ltd. of Houston.Hearn says the once unlucky complex could mark a streak of good luck for the buyer. The property is the investment group’s first in Houston, but he says it may not be its last.

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