The Houston-based Juniper Investment Group, led by principal J. Douglas Rippeto Jr., is the seller of 12033 Bissonnet St., a class B complex that was 91% occupied at sale time. Ken Weber of Sterling American tells GlobeSt.com that the plan is to sink about $700,000 into upgrading the complex, which came with some deferred maintenance. The selling price is not available, but the asking price was about $11.5 million, according to Weber.

"We will shape Huntington Glen to capture demand," says Weber. In particular, improvements will be made to the landscaping, clubhouse and swimming pool areas while new amenities will include a business center and barbecue area. Weber says some units also will be getting washers and dryers as a test to see if higher rent can be realized with the extra amenity. The property's average rental is $541. All of the upgrades are aimed at realizing upside potential through increased occupancies at the property, says Weber.

Tarak Patolia, Sterling American's senior vice president and acquisitions chief, said in a press release "the Houston market, like other multifamily markets across the US, has softened. Yet, unlike other markets, rental rates have increased somewhat in 2002 and positive growth is expected to continue in 2003." The partnership also owns the 367-unit Celebration at Westchase, 278-unit Champion Village Apartments in northwest Houston and 242-unit Summerstone Apartments in the southwest submarket.