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HOUSTON-Locally based Chancellor Properties, operating under the name the Moorings Apartments LP, has sold the 344-unit Villas at Coronado, a class A apartment complex, to a Massachusetts-based multifamily property management company.Situated on 15.5 acres at 9111 Lakes at 610 Dr., the property, constructed in 2004, carries an assessed value just over $18 million.Though the actual sales price was not made available by press time, David Mitchell, vice president of Apartment Realty Advisors’ Houston office, indicated in a released statement that similar properties in the same area have sold for more than $100,000 per unit.The area in question, the south side of the Texas Medical Center, is also close to the Houston Zoo, the city’s Museum of Natural Science, Miller Outdoor Theater and an 18-hole municipal golf course.Mitchell, who represented the seller and the buyer, SMC Management Corp. of Watertown, MA, further noted that the property is in one of Houston’s hotter locations. “With the lack of available land in the TMC, the property is an excellent addition to SMC’s growing Houston portfolio,” Mitchell said. ARA, the buyer and the seller could not be reached for comment.The property offers one-, two- and three-bedroom units, ranging in rent between $695 and $1150 per month. The entire building area measures 290,643 sf.Amenities include a swimming pool with waterfall, landscaped lagoon areas with fountains and decks, clubhouse, business office, fitness center, Internet area, picnic area, on-site security officers, controlled access gates, carports and detached garages.

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