TJ Shan of Harleysville, PA, backed by equity from a Highland Park, TX family, scored the win of the 3001 W. Normandale St. property with an all-cash offer. "Given the market, we elected to go with the second highest bidder because of his history, reputation and ability to perform," Peter Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. "The key right now is trying to find people who can carry their own paper."

The sweet spot to the acquisition is the buyer got the deed for 60% of the loan balance, according to Hartnett, who was selling the deal for Miami-based LNR Properties Inc. "It's hard to lose on that," he adds. MBS filed for bankruptcy in late 2007. About two weeks ago, two more complexes were sold in Houston after being pulled from receivership, but Hartnett says Crescent Oaks possibly is the first actual foreclosure in the stack to sell in Texas.

Hartnett says the Crescent Oaks' new owner expects to invest up to $500,000 to get the 23-building complex, built in 1978 on 11.25 acres, in tip-top shape. "There was very little deferred maintenance," the broker adds, saying the capital infusion is directed toward bumping the class C plus to a class B with the redo. He says LNR had spent at least $250,000 on repairs on its make-ready plan for the sale.