Houston-based Allied Realty Services Ltd. is a partner in the acquisition. The complex offers one and two bedroom apartments with rents ranging from $720 to $1,050 per month. "The site's Inner Loop location and proximity to downtown and nearby employment centers as well as retail and entertainment amenities, were important factors in our decision," says Jarrett Minton, Transwestern Properties' vice president. Indeed the complex offers access to the Texas Medical Center, Houston's Museum District and the university.

Minton says this is not the first deal between Allied and Transworld and looks to Allied's repositioning and management skills to help with this property. Transworld's main focus is to provide development equity to commercial and multifamily builders in the US. Transworld currently has a $700-million development portfolio consisting of 65% multifamily investments and 35% commercial projects. The company has invested over $1 billion over the last five years.