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HUMBLE, TX-Mid-America Apartment Communities Inc. has grabbed another under-construction 246-unit complex from Martin Fein Interests Ltd. Although confidentiality agreements are blocking the price from being revealed, sources familiar with the market believe Cascade at Fall Creek has traded for just above the $22-million mark.

Cascade at Fall Creek is being built on a 12.5-acre tract at 8330 N. Sam Houston Pkwy. David Mitchell, a principal in Houston for Apartment Realty Advisors, says the Memphis-based REIT became interested in Cascade last July when it bought the just-completed, 268-unit Chalet at Fall Creek at 8440 N. Sam Houston Pkwy. “Basically, this ended up being a two-phase deal,” Mitchell tells GlobeSt.com.

Mitchell says Martin Fein Interests was enthusiastic about doing business with Mid-America for a couple reasons, citing the buyer’s respect for Fein as one. In addition, he says “Mid-America could close all-cash, and eliminate any financing contingencies.”

He adds Mid-America’s in-house management team will take on the lease-up challenge of Cascade at Fall Creek, which is nearing its completion. The average unit is 937 sf, with pro forma rents at $1.14 per sf.

ARA principals David Wylie, Matthew P. Rotan and David K. Oelfke teamed with Mitchell to broker the transaction. In early 2006, the developer sold another Fall Creek complex, the nearby 252-unit Sierra at Fall Creek at 14951 Bellows Fall Lane to a Los Angeles-based investment group.

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