(To read more on the multifamily market, click here.)
HOUSTON-In a 30-day look and five-day close, Inland AmericanReal Estate Trust Inc. has bought its first multifamily property inthe state. The $30-million buy is just the prelude for what's tocome.
The Oak Brook, IL-based Inland has grabbed the 296-unitWaterford Place at Shadow Creek Ranch Apartments in Pearland, a16.9-acre first phase at 200 Business Center Dr., from DavisDevelopment Inc. of Stockbridge, GA. And, it will get the firstlook at the 275-unit second phase, which is now coming out of theground, confirms Matt Tice, Inland's vice president ofacquisitions. In addition, Inland's SEC filing reports a$34-million contract has been placed for the 364-unit Landings atClear Lake at 501 Sarah Deel Dr. in Webster.
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