The 99%-leased Heritage Square is located at 515 S. Sugar Rd. here on the edge of the town square and within walking distance of four of the city's Top 10 employers. Class B properties with comparable demographics and occupancy generally can reap 95% of the asking price.

Will Bathrope, director of Cushman & Wakefield of Texas Inc.'s multi-housing group, tells GlobeSt.com that the new owner used bond financing for the purchase and will be earmarking some units for affordable housing. But, there won't be any tenants forced out as a result of the conversion from "for-profit" to "non-profit" ownership, he says, adding the tenant mix has the right demographics for a seamless transition.

Balthrope, C&W director Don Ostroff and Susie Kakos represented the seller and developer, Ramirez Realty of Edinburg, which sold the lone multifamily asset in a portfolio of mostly retail properties. The buyer used in-house representation to negotiate the transaction for the 18-year-old complex built in two phases on a 10-acre tract.