Walden is a former real estate investment trust that was acquired and privatized by Olympus Real Estate Partners in February 2000. Walden owns and manages about 140 apartment properties with about 39,000 units mostly in Texas but also in Arizona, Florida, Oklahoma, and Tennessee.

Walden acquired Felicita Creek in 1997. Walden's senior vice president and chief investment officer Ted Kerr says the sale is consistent with Walden's portfolio management strategy to sell assets that no longer meet the company's long-term investment criteria. "We build value by investing where we maintain significant market share," he says, "and our markets are primarily concentrated in the southern and southwestern United States."