"It's been a fairly dragged out process," says T. Richard LittonJr., president of Harbor Group. The new owner of the Bella Vida atCoyote Ridge Apartments at 4253 Hunt Dr. plans to spend another$1,500 per unit on interior and exterior renovations. The gatedasset was 94% leased at sale time.

The Bella Vida, highly pursued when it was on the market, hasone-, two-, three- and four-bedroom units ranging from 795 sf to2,051 sf or an average of 1,322 sf. Rents average $1.12 per sf.Litton says the "renters by choice" asset, situated on 35.5 acres,will stay as rental due to its size and the condo market in generalalthough the 15 floor plans with attached garages and the locationhave the necessary built-in packaging for a conversion.

"This deal just stands on its own as a rental property," Littontells GlobeSt.com. "What we are fundamentally betting on is acontinuing market improvement in the market and our ability to growrents." He says the anticipated hold is four years.