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Buchanan Capital Partners has acquired the 264-unit Crenshaw Grand Apartments in suburban Houston from MLG Capital. The deal was an off-market acquisition of the property, originally developed in 2016.

The Austin-based investor didn’t specify the price for the garden-style community, but Buchanan assumed the outstanding balance of a 2018 Freddie Mac CMBS loan associated with the property in the amount of $23.1 million, Yardi Matrix reports.

Buchanan Partners founder, Keith Buchanan, said that the recent acquisition was at a 25 percent discount to replacement cost. In 2018, MLG Capital bought the property from the Michaels Organization for an estimated $30.8 million, Yardi Matrix shows.