The sellers are Dallas-based Transcontinental Realty Investors, American Realty Investors Inc. and Income Opportunity Realty Investors Inc., all directed by Gene Phillips, former president of the bankrupt Southmark Corp.

At publication deadline, Globest.com was attempting to reach Innovo's investor relations representative Donna Drewrey to learn the number of properties involved in the deal; location, size, age and occupancy of the individual properties; and why the transaction was done at this time.

In a prepared statement, Drewrey says Innovo Group Inc., Innovo Realty's parent, funded the deal by issuing 195,295 non-recourse, non-convertible preferred shares, valued at $100 per share, to Innovo Realty. The shares' value was 20% of the $98 million purchase price ($19.6 million). The balance was funded through undisclosed third-party investors and third-party financing.