Real estate sources tell that the two-phase complexat 9701 and 9550 Meyer Forest Dr. was bought by San Antonio-basedInternational Realty Inc. Gables and International Realty did notreturn telephone calls by publication time for comment on thetransaction. According to a Gables press release, the sale willresult in a $12.5 million gain in the third quarter.

The Harris County Appraisal District pegs the value of the345-unit first phase at 9701 Meyer Forest Dr. at slightly more than$19.6 million. Gables acquired the 11-acre tract in 1994, a yearafter it was completed from developer, Reserve at Meyer Park Ltd.,a partnership headquartered in nearby Bellaire. A 7.8-acredevelopment, with 296, units was added in 2001. The county assessesthe second phase at $20 million.

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

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