Houston, Texas - Bruce Theuerkauf of David Cronheim Mortgage Corporation has arranged acquisition financing of $5,600,000 for 177 apartment units, plus a management contract covering another 110 units, situated within a 365-unit condominium property located on Clarewood Drive. Constructed in 1979, the property was converted to a condominium in 1991. After the acquisition, the 177-units were converted back to rentals. The property consists of 21 two-story buildings and is comprised of one and two-bedroom apartments, some with two baths with sizes that vary between 612 to 1245 square feet. The property is gated with amenities that include closed circuit cameras, two swimming pools, four laundry rooms, covered parking, and cable-ready TV. Many units also have washer-dryer hookups, bay windows, built-in bookshelves, private balconies and patios, as well as outside storage facilities. The loan carries a 10-year term and a 25-year amortization.