Buying as Clifton Bay LLC, the new owner got a 60%-occupied apartment complex delivering just 50% of its scheduled gross income, Jeff Eisenhardt in the Houston office of Phoenix-based Hendricks & Partners tells GlobeSt.com. The Katy, TX seller of the Matagorda County asset plans to execute a 1031 Exchange in an exit of the multifamily sector as it steps up the push for its portfolio staple, ranch land.

The Wildwood complex at 2300 Hamman Road was on the market about six months at a $795,000 asking price, says Eisenhardt, who stood behind a strict confidentiality clause about the final price. According to the Matagorda County Appraisal District, the holding's 2003 assessment was $600,000.

Eisenhardt says the 60%-leased complex was delivering just 50% of its scheduled gross income at sale time. He blamed the sagging return on management more so than condition. The one-, two- and three-bedroom units rent for $300 to $525 per month. The new owner plans to hire a manager, says Eisenhardt who negotiated the sale along with Jim Sebastian, also a Hendricks & Partners adviser in Houston.