Clayton Oaks began in the 1970s as a 300-acre business park thatwas intended to bring office, apartments and light industrialdevelopment to west Houston. Even though its developers werestrong--the ownership group included former Mayor RobertLanier--Clayton Oaks was met head-on by a sharp downturn in theHouston economy in the 1980s. Clayton Oaks ended up in the hands ofthe FDIC.

About five years ago, CO REIG Ltd., a Houston investmentpartnership led by Bill Smith of Fuller Realty Partners Ltd.,bought the remaining 190 acres of Clayton Oaks. But, Smith's groupquickly dropped the idea of selling the Clayton Oaks land forcommercial development and began selling sites for single-familyresidential. With the new strategy, the new owners have been verysuccessful in selling off the acreage, located off Texas 6 andWestheimer Road near the West Oaks Mall.

On the parcel just purchased, Elan Development plans toconstruct 175 single-family homes, starting at $120,000 each. COREIG has previously sold Clayton Oaks land for single-familydevelopment to Kaufman Meeks Inc., Brighton Homes and Lennar Homes.About 600 houses have been built there so far. All of the land thatremains to be sold in Clayton Oaks are two small retail tracts andthree parcels suitable for apartments. One of the apartment tracts,about 10 acres, is under contract to an apartment developer.

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