Tyler Anderson of CB Richard Ellis' Phoenix office tells GlobeSt.com the Bayberry property is one of 12 that Hall Financial Group is selling. Anderson and partner Sean Cunningham, also of CB Richard Ellis, are the lead brokers for the portfolio sale and are teaming up with local brokers to market the properties. In addition to Bayberry, Hall already has hawked two multifamily complexes in Indianapolis.

Buyers are being sought for properties in Tampa, Nashville, Michigan, Phoenix and Austin, Corpus Christi Webster and Tyler, all in Texas. Anderson says the properties were built in the early 1980s and Hall is ready to move them out of its portfolio. This does not, he emphasizes, signal a retreat from the multifamily sector.

LaFollette says Houston's multifamily market is very strong right now. In 1999, 15,000 units delivered and 10,000 have been absorbed, driving concessions. Last year, 9,400 unit came to market, but the absorption came in at 13,500 units. This year, 6,000 units will come on line and the first-quarter indicators are putting absorption at 14,000 units. And, he quickly points out, the falling consumer confidence in the economy is putting the brakes on home buying despite falling interest rates. It all bodes well for the multifamily sector.