SMC Cuts Off-Market Deal for 312-Unit Neighbor

(Read more on the multifamily market.)

HUMBLE, TX-In its quest to boost operational efficiencies in the submarket, Boston-based SMC Management has taken possession of the 312-unit Timberlakes at Atascocita through an off-market transaction. The final price isn’t available, but comparable assets in the far northeastern tier have traded for $70,000 per door.

According to David Wylie, principal of Apartment Realty Advisors’ Houston office, SMC Management had its eye on the seven-year-old Timberlakes at 18551 Timber Forest Dr. since it acquired the neighboring 200-unit Eagle Crest Apartments at 5303 Atascocita Rd. in 2004 for $11.9 million. “Since they bought the property, which was their first, they kept asking us if we’d give them a shot at it before marketing it,” says Wylie, who brokered the deal between buyer and seller Flatiron Development Group of Los Angeles. The complex’s current Harris County assessment is $15.72 million.