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HOUSTON-Stone Post Properties of Englewood, NJ and CMS Cos. of Philadelphia have banded together to acquire the 419-unit AMLI Midtown. Sources uninvolved with the transaction say that the class A units have traded hands for just over $100,000 per door.

According to SEC filings, Chicago-based AMLI Residential had paid $33 million in 2001 for the asset at 2350 Bagby St. David Mitchell, principal with Apartment Realty Advisor in Houston, says the 96%-leased Midtown is the Chicago company’s first disposition in Houston since it was bought in 2006 by New York City-based Morgan Stanley Group Inc. “I think their plan is to dispose of some of their properties that are more than four years old and to keep the newer ones,” the seller’s broker says.

The buyers will change the nine-year-old complex’s name to Midtown Metro. “This JV owns other properties in the Medical Center and knows what the market is like,” Mitchell tells GlobeSt.com, explaining how the buyers beat 24 other offers for the deal. The joint venture also owns the Reserve at the Fountains, a 370-unit complex at 10502 Fountain Lake Dr.

Mitchell tells GlobeSt.com that the buyer also saw more of an upside than other bidders, citing the recession-proof job base in the Texas Medical Center and consistent demand for housing in surrounding areas. “Houston’s Midtown is on an incredible roll,” he adds. “There was incredible demand for this property.”

Situated on 6.9 acres, the complex has one-, two- and three bedroom units, measuring from 692 sf to 1,378 sf. The monthly rents begin at $1,078 and climb to $1,330.

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