HUMBLE, TX-In its quest to boost operational efficiencies in the submarket, Boston-based SMC Management has taken possession of the 312-unit Timberlakes at Atascocita through an off-market transaction. The final price isn't available, but comparable assets in the far northeastern tier have traded for $70,000 per door.
According to David Wylie, principal of Apartment Realty Advisors' Houston office, SMC Management had its eye on the seven-year-old Timberlakes at 18551 Timber Forest Dr. since it acquired the neighboring 200-unit Eagle Crest Apartments at 5303 Atascocita Rd. in 2004 for $11.9 million. "Since they bought the property, which was their first, they kept asking us if we'd give them a shot at it before marketing it," says Wylie, who brokered the deal between buyer and seller Flatiron Development Group of Los Angeles. The complex's current Harris County assessment is $15.72 million.
Wylie tells GlobeSt.com that SMC had been one of four other investors that he approached with the all-cash acquisition opportunity. He says the company's willingness to put up hard money won the buy. "The seller agreed to their terms and that was it," he adds.
Wylie says that SMC will make mostly cosmetic upgrades to the 90%-leased complex. Alliance Residential Management's Houston team manages Eagle Crest Apartments and will take over Timberlakes too.
Built in 2000 on slightly more than 10 acres, the 12-building complex has one-, two- and three-bedroom units, ranging from 780 sf to 1,220 sf. The monthly rents are $719 to $1,195.
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