Real estate sources tell GlobeSt.com that the two-phase complex at 9701 and 9550 Meyer Forest Dr. was bought by San Antonio-based International Realty Inc. Gables and International Realty did not return telephone calls by publication time for comment on the transaction. According to a Gables press release, the sale will result in a $12.5 million gain in the third quarter.

The Harris County Appraisal District pegs the value of the 345-unit first phase at 9701 Meyer Forest Dr. at slightly more than $19.6 million. Gables acquired the 11-acre tract in 1994, a year after it was completed from developer, Reserve at Meyer Park Ltd., a partnership headquartered in nearby Bellaire. A 7.8-acre development, with 296, units was added in 2001. The county assesses the second phase at $20 million.

The community contains one-, two- and three-bedroom units. Monthly rents range from $770 to $1,560.

The Gables' press release didn't offer a reason for the sale, but corporate data shows the community is not considered an "Established Premium Neighborhood" or core property.South Florida is Gables' largest market, with Houston holding second place. The Houston contribution to the 25,726-unit portfolio is 4,934 apartments, which were 94.2% occupied at the second quarter close. The Gables portfolio consists of 93 owned communities in Atlanta, Austin, Dallas, Washington, DC, Tampa plus Houston and South Florida. It also manages 50,142 units in 181 communities.