1,447-unit portfolio

Just sold were the 228-unit Windsor Place Apartments at 3501 Curry Lane, 200-unit Hunter's Ridge Apartments at 5450 Texas Ave. and 124-unit Cedar Creek Apartments at 1948 Denton St. The Walnut Creek, CA-based seller pulled a fourth property, the 256-unit Indian Run Apartments at 3500 Cedar Run Rd., also in Abilene, from the sales block.

Jordan Cortez, director of secondary markets for Apartment Realty Advisors in Dallas, says the Abilene assets had been under contract, but fell out of escrow shortly before two complexes with 639 units in Lubbock, TX were sold from the portfolio to Haley Associates LP of Omaha. "Once we closed on the two Lubbock deals, we brought back the Abilene properties to a handful of buyers," Cortez says. "Bostonian stepped to the table with their reputation to close, which helped them secure the deal. We've sold 14 or 15 deals to these guys and I know them personally."

[IMGCAP(2)]The complexes are close to 30 years old, with one-, two- and three bedroom units from 609 sf to 923 sf. Rents range from $370 to $720 per month.