The 404-unit Gables Champions at 5959 FM 1960 West was not on the market, a contact for the Boca Raton, FL-based apartment owner tells GlobeSt.com. The buyer came knocking on Gables' door, he confides.

Gables acquired the asset in 1998, three years after it delivered. The property, consisting of about 29 acres, carries a $20.8-million assessment for this year, according to the Harris County Appraisal District.

Gables CEO Chris Wheeler, in a press release, said a $7.5-million gain will be recorded for the sale. He added the 95%-leased complex had a "Main Street cap rate" of 6.4%, but the "un-leveraged IRR was 12.4%." The units, ranging from 665 sf to 1,233 sf, bring in monthly rents of $680 up to $1,100.