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HUMBLE, TX-In its quest to boost operational efficiencies in thesubmarket, Boston-based SMC Management has taken possession of the312-unit Timberlakes at Atascocita through an off-markettransaction. The final price isn't available, but comparable assetsin the far northeastern tier have traded for $70,000 per door.

According to David Wylie, principal of Apartment RealtyAdvisors' Houston office, SMC Management had its eye on theseven-year-old Timberlakes at 18551 Timber Forest Dr. since itacquired the neighboring 200-unit Eagle CrestApartments at 5303 Atascocita Rd. in 2004 for $11.9million. "Since they bought the property, which was their first,they kept asking us if we'd give them a shot at it before marketingit," says Wylie, who brokered the deal between buyer and sellerFlatiron Development Group of Los Angeles. The complex's currentHarris County assessment is $15.72 million.