"The opportunities are different for each property, but as a portfolio the value add is in burning off concessions, loss to lease and economic vacancy," Al Silva, senior associate in Fort Worth for Marcus & Millichap Real Estate Investment Services, tells GlobeSt.com. Teaming with associate Kelley Sparkman in Dallas to sell the package whole or in pieces, Silva says buyers' interest to date has been geographically oriented, but "I'm not ruling out a portfolio sale because we've got plenty of interest at the portfolio sale level."

The North Texas properties are 220-unit Fielders Glen at 3601 S. Fielder Rd. in Arlington and 224-unit Windtree at 5600 E. Cotswold Hills Dr. and 168-unit Hillside View at 5400 Boca Raton Blvd., both in Fort Worth. In South Texas, the properties are the 124-unit Park Deville at 407 Greens Rd. and 180-unit Palms on Rolling Creek at 17100 Rolling Creek Dr., both in Houston; and 93-unit Central Park Condos at 2210 Westview Blvd. and 184-unit Riverwalk at 291 Scarborough Dr., both in Conroe.

The telling is in the details. The 15-building Fielders Glen, situated on 10 acres, is 88% leased as is the 20-building Windtree, a 10.6-acre footprint. Hillside View, with 15 buildings on 6.3 acres, is 90% occupied. The 92%-leased Park Deville is a 10-building mix on 3.5 acres while the 88%-filled Palms is a 10-building project on 7.9 acres. Riverwalk, boasting 95% occupancy, is a 14-building complex on seven acres.