Gary Roller, one of two Marcus & Millichap brokers handling the disposition, tells GlobeSt.com that he and the owner are now reviewing all offers and in the next few weeks will decide whether to accept one of the offers or continue marketing the property. Multiple offers have been received, he says, predominately from institutional players due to the size of the asset and a significant potential redevelopment play.

Capitol Towers spans nearly four city blocks Downtown. Originally constructed in 1965, the property has been substantially refurbished and updated in the past two years by FFP. The offering includes three parcels with a total of 292,579 sf of rentable space. The Tower building is a 203-unit, 15-story high-rise with six retail tenants on the ground floor. An attached garage is leased to a professional operator and is included in the sale. The Villas are situated on two additional parcels and include 206 condo-style units on 8.6 landscaped acres. Total occupancy is currently 92.5%.

The Villas is the redevelopment play. Based on existing zoning, which allows for up to 174 units per acre, a high-density redevelopment of the Villas in theory could put as many as 1,400 units in place of the existing 206 units. In practical application, a little more than half that amount is more likely, which is still about four times what currently exists.