"The buyers were trying to move equity out here from Californiato get more for their dollar in terms of cash flow," JeffEisenhardt, senior adviser in Hendricks and Partners' Houstonoffice says about the decision to acquire the 38-year-old complexat 3201 Garth Rd. from a Greater Houston limited partnership.

Eisenhardt explains the complex, which stood at 5% vacancy, wason the market only a matter of weeks before going under contract tothe buyers. "We had three offers during the first three weeks ofmarketing," he tells GlobeSt.com. "But the buyers were very seriousand they wanted to lock it up so they put up the best offer." Hepartnered with Kevin McCarthy, also a senior adviser with Hendricks& Partners, to represent the seller of record, WolverineTanglewood LP from nearby Katy.

Eisenhardt says it was a fairly simple matter to get the listingunder contract, but finding financing was not. "It was a bigpurchase for the buyers, who didn't have much history runningproperties in Houston," Eisenhardt says. Plus, he says the complexsuffered from a history of weak collections although its owner keptit in excellent shape. Michael Thompson in BMC Capital LP's Houstonoffice arranged a 75% loan-to-value financing with a 5%holdback.