HOUSTON-CONTI Organization has acquired the 176-unit Villa Ana from Prudential for $2.8 million in an all-cash transaction. The 1970s-era apartment community was in foreclosure, with a $5.4 million mortgage.

Villa Ana is the second multifamily property the Dallas-based investor has acquired in the Bayou City and its 11th acquisition since March 2008. CONTI now owns more than 2,100 units in Texas.

CONTI works with banks to acquire distressed multifamily real estate assets. With the help of its private equity partner, Boston Real Estate Solutions, CONTI closed on the property only 18 days after executing the contract, according to the firm’s President and Founder Carlos Vaz. He tells GlobeSt that he purchased the asset at a significant discount since the previous owner paid $6.3 million for the class C property.