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GALVESTON, TX-Spotting a niche for condominium housing near Scholes Field Airport, JMG Realty Co. of Atlanta has acquired the one-year-old, 264-unit Club of the Isle resort-style apartment complex for $41.3 million or $156,400 per unit. The seller was Houston-based Chaparral Group LLC.

"JMG plans to fill a much-needed niche on the island by converting the property to for-sale condominiums in the medium-price range," says Bill Miller, managing director in Dallas for Holliday Fenoglio Fowler LP. "Galveston's economy has grown tremendously in the past few years and is expected to set new records for 2006."

Miller says Club of the Isle "represents an excellent opportunity for the buyer to take advantage of current pent-up demand for condominium units on the island." HFF director Robert Casas worked with Miller in representing the seller.