David Wylie, Houston principal with Apartment Realty Advisorssays the Oak Brook, IL REIT had the right of first refusal on theproperty at 2020 Business Center Dr. after acquiring theneighboring 296-unit Waterford Place at ShadowCreek Ranch Apartments in March 2007. Inland American paid$30 million for Waterford Place.

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"They liked the area and the liked the performance of WaterfordPlace," says Wylie, who brokered the transaction between InlandAmerican and seller Davis Development Inc. of Stockbridge, GA.Davis Development also developed and sold Waterford Place to InlandAmerican.

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Villas at Shadow Creek was completed in early 2008, and Wylietells GlobeSt.com that the complex is close to stable, standing ata 90% occupancy. He says there is no third phase for the ShadowCreek complex, and Inland American will manage and lease theasset.

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The complex has one-, two- and three-bedroom floorplans, rangingfrom 677 sf to 1,458 sf. Monthly rents are between $944 and$1,594.

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Shadow Creek Ranch is located approximately 15 miles south ofHouston's CBD. The 3,500-acre master-planned community can hold upto 6,200 single-family homes. The site is also planned for acommercial component including retail and multifamilydevelopments.

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