HUMBLE, TX-A Los Angeles-based investor has entered the Houston market with the acquisition of the class A, 252-unit Sierra at Fall Creek.

The property, located at 14951 Bellows Falls Lane in the 1,261-acre community of Fall Creek, was listed for $89,000 per unit. Industry sources report the seller paid close to the list price.

According to David Mitchell, vice president for Apartment Realty Advisors' Houston office, the buyer, Thomas A. Day, owns multifamily properties on the East and West coasts. "His strategy was to add a couple of properties in between," says Mitchell, who represented the seller, Houston-based Fall Creek Multi-Family Partner I Ltd.

Mitchell tells GlobeSt.com that the seller's main attraction to the asset was its place in the master-planned community and construction by Martin Fein, a well-known multifamily builder in the area. "We showed him a couple of other deals in Houston, but this one stood out as far as he was concerned," Mitchell adds.

One of the area's amenities, the Redstone Golf Club, hosts the Houston Open each year. "The area gets a whole lot of drive-by traffic as lots of people go out to watch the tournament," Mitchell says.

Meanwhile, the buyer offered the highest price and best terms to beat out 20 offers for the property. Additionally, Mitchell says, the buyer "came highly recommended by our ARA Florida office, which has worked with them in the past."

The complex, completed in 2005, was at 80% occupancy when ARA began marketing it. Mitchell says it was stabilized at 99% occupancy by the closing.

Sierra at Fall Creek has 156 one-bedroom units, measuring from 661 sf to 982 sf; 64 two-bedroom apartments with 1,136 sf to 1,214 sf; and 32 three-bedroom floor plans of 1,419 sf to 1,443 sf. The monthly rents range from $725 to $1,380.