Seller Archon Group's reputation for its upkeep of propertiesand the location at 12800 Jupiter Rd. sparked the high number ofoffers for the 22-year-old complex during its five-week marketingrun, says Roberto Casas, a Dallas director for Holliday FenoglioFowler LP. The Broomfield, CO-based winner was "probably the mostqualified buyer and that's why we chose them," he says. "There wasa bunch stacked in the same area."

Casas tells GlobeSt.com that the upside for the region's newestowner is "pushing rents and concessions' burn-off." On average, the91%-leased Madison has been giving away one month on a one-yearlease, he says. The average rent is 85 cents per sf while theaverage unit is 731 sf.

According to the Colorado & Santa Fe website, the Madison isits first multifamily property for a four-million-sf portfolio,which is 41% office, 32% retail and 26% industrial. The HFFdealmaker says Colorado & Santa Fe definitely is looking formore multifamily properties to buy in Texas.