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HOUSTON-Trimarchi Management and Capri Capital Partners have topped a long list of bidders for 10 of 13 complexes in a Texas portfolio of Internacional Realty Inc. The joint venture has paid close to $300 million for 3,041 units.

David Mitchell, a principal for Apartment Realty Advisors in Houston, says three complexes fell out of escrow because they didn’t fit the buyer’s criteria. “The three that fell out were high-end, newer properties,” says Mitchell, who worked with brokers in ARA’s Houston, Austin and Dallas offices to market the package for the San Antonio-based Internacional Realty.

Mitchell tells GlobeSt.com that Schenectady, NY-based Trimarchi and its Chicago-based equity partner topped about 30 offers to win the 94%-leased portfolio. Some would-be buyers made offers for one or two assets while others bid on the entire portfolio.

“This particular buyer brought a combination of the pricing the seller was looking for as well as some hard money fairly early,” Mitchell explains. He says the all-cash deal was closed with a Freddie Mac loan.

The portfolio was introduced to market in May 2007, but several issues delayed the closing, including approvals from different tenant-in-common investors for the various properties. Mitchell says the turmoil in the capital markets also prevented the transaction from moving forward.

“I have to applaud the buyer and seller for working well together during these tumultuous times,” Mitchell says. “They were patient and it paid off for everyone.”

Trimarchi, which will self-manage the portfolio, plans to renovate every unit, each undergoing several thousand dollars of upgrades, according to Mitchell. Four complexes are located in Houston and so are the three that were pulled from the offering. Also sold were four properties in Dallas/Fort Worth and two in San Antonio.

“I’d say the buyer is opportunistic,” Mitchell says. “It’ll reposition the properties and then probably sell them within a three- to five-year timeframe.”

In Houston, the JV bought the 210-unit Beverly Wilshire at 7550 Wilshire Place Dr.; 345-unit Meyer Park at 9701 Meyer Forest Dr.; 296-unit Meyer Park Lakeside at 9550 Meyer Forest Dr.; and 216-unit Seasons at 6969 Hollister Rd.

In Central Texas, the buyer got the 314-unit Palermo at 12235 Vance Jackson Rd. in San Antonio and 204-unit Westshore Colony at 770 Interstate 35 N. in New Braunfels.

In Dallas/Fort Worth, the just-sold properties are the 280-unit Cambria at Coyote Ridge at 4230 Fairway Dr. in Carrollton; 582-unit Gardens at Vail at 17811 Vail St. in Dallas; 378-unit San Simon at 3501 Walnut Hill Lane in Irving; and 216-unit Summerbrook at 7000 N. Beach St. in Fort Worth.

As for the three assets that were pulled, Mitchell says they most likely will be reintroduced to the market. They are the 356-unit Calais at Courtlandt Square at 3210 Louisiana St.; 252-unit Villas at River Park West at 21811 Wildwood Park Rd.; and 288-unit Reserve at River Park West at 22155 Wildwood Park Rd.

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