Kimberely Apartments and Shadow Oaks Apartments, situated on less than an acre at 1523 Heights Blvd., were sold by a local partnership that bought the 47-unit duo more than 13 years ago. "We received a lot of interest in the properties because of their Inner Loop location on Heights Boulevard, which is well known," Robert Su, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office, tells GlobeSt.com about the class B properties. He and Brian Janak marketed the property.

Su says the 95%-leased complexes, built in 1964 and 1965, received five offers due to the mix of stable cash flow and upside opportunity. He adds the listing attracted several condo converters although the buyer's plan is to maintain the assets as rental properties.

The complexes have nine efficiencies, 20 one-bedroom apartments and 18 two-bedroom units. Units, ranging from 450 sf to 805 sf, rent for $360 to $675 per month. "There's a lot of upside with the rents, which are well below market value," Su says, estimating rents could be increased $20 to $40 per unit. Mike Sarfati represented the buyer, who mortgaged the properties through Oakland, CA-based World Savings.