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Gables Sells Lone NW Houston Asset, $28.2M

HOUSTON-A group of California investors, knocking on Gables' door, acquires the 404-unit Gables Champions at 5959 FM 1960 West. Gables gets to record a $7.5-million gain for the sale, says Gables' CEO.

By Jennifer Brenner Andrade | Updated on December 25, 2002

HOUSTON-Gables Residential has sold its only holding in Houston’s northwest sector to a group of California investors for $28.2 million. The sale is tied to Gables’ strategy to locate in “established premium neighborhoods” which, in Houston, translates to inside the 610 Loop, the West Side along Interstate 10 and the First Colony area of Sugar Land, a Gables contact says.

The 404-unit Gables Champions at 5959 FM 1960 West was not on the market, a contact for the Boca Raton, FL-based apartment owner tells GlobeSt.com. The buyer came knocking on Gables’ door, he confides.

Gables acquired the asset in 1998, three years after it delivered. The property, consisting of about 29 acres, carries a $20.8-million assessment for this year, according to the Harris County Appraisal District.

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