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PEARLAND, TX-In its second go-around on the market, the 240-unit Enclave at Mary’s Creek has found a buyer. Sources speculate SMC Management Corp. of Boston has snagged the 97%-occupied, class A complex for $15 million to $18 million.

The Enclave at Mary’s Creek, assessed at $10.1 million, was initially marketed in early 2005 as part of a $140.1-million, 19-property portfolio owned by former Houston Mayor Bob Lanier. “Out of that portfolio, 15 of those properties sold, four of them didn’t, and this was one of the remaining four,” Todd Stewart, senior vice president of CB Richard Ellis in Houston, tells GlobeSt.com about the 13-acre holding at 2900 Pearland Parkway. For the time being, Lanier is holding onto the unsold trio. The CBRE sales team included executive vice president Craig LaFollette, senior vice president Todd Marix and senior associate Tre Banks.

Stewart says the Enclave at Mary’s Creek had a 30-day marketing period and then went to a best and final. “At the end of the day, SMC was the buyer we chose to run with for a number of reasons,” he tells GlobeSt.com, “pricing, track record and ease of working with them.” In the past two years, SMC has acquired more than 1,700 units in the Greater Houston area, with an additional 650 under contract.

Stewart says SMC, which used in-house brokers to work out the deal, most likely will use Alliance Residential to handle leasing and management. “This property has done well historically because of its proximity to schools, shopping and the new Pearland Parkway that ties directly into the South Belt,” he says. “It’s an attractive, well-built, low-density property in a great location.”

The Enclave at Mary’s Creek was completed in 1999. It has one-, two- and three-bedroom units measuring from 730 sf to 1,325 sf. The monthly rents go from $722 to $1,211.

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