David Wylie, Houston principal with Apartment Realty Advisors says the Oak Brook, IL REIT had the right of first refusal on the property at 2020 Business Center Dr. after acquiring the neighboring 296-unit Waterford Place at Shadow Creek Ranch Apartments in March 2007. Inland American paid $30 million for Waterford Place.
"They liked the area and the liked the performance of Waterford Place," says Wylie, who brokered the transaction between Inland American and seller Davis Development Inc. of Stockbridge, GA. Davis Development also developed and sold Waterford Place to Inland American.
Villas at Shadow Creek was completed in early 2008, and Wylie tells GlobeSt.com that the complex is close to stable, standing at a 90% occupancy. He says there is no third phase for the Shadow Creek complex, and Inland American will manage and lease the asset.
The complex has one-, two- and three-bedroom floorplans, ranging from 677 sf to 1,458 sf. Monthly rents are between $944 and $1,594.
Shadow Creek Ranch is located approximately 15 miles south of Houston's CBD. The 3,500-acre master-planned community can hold up to 6,200 single-family homes. The site is also planned for a commercial component including retail and multifamily developments.
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