The Charlotte, NC-headquartered bank plans to sink about $2 million into renovating the class B complex so it can compete with its market-rate neighbors, David Fournier, a director in the local office for Holliday Fenoglio Fowler LP, tells GlobeSt.com. "Lexington Trails is a value-add rehabilitation opportunity with current rents below the potential market rent and a below-market occupancy," he says in a press release about the 6300 W. Tidwell Rd. property. Though tight-lipped about occupancy, he did say Lexington Trails' current rents are 8% below the submarket average of $650 per month. He and HFF director Bill Miller rounded up five offers for the Charter Mac sale.

Fournier says Lexington Trails had affordable housing restrictions, but they were lifted so it could be tagged at market rate once the renovation is done. The makeover plan will take about six months to complete. The immediate neighborhood has several multifamily properties undergoing renovation. The submarket's average occupancy is 90%.

Lexington Trails consists of one-, two- and three-bedroom units plus some townhouse-style designs. Units average 1,142 sf. According to Harris County Appraisal District, the 29-year-old Lexington Trails is assessed at $3.6 million.