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HOUSTON-In a 30-day look and five-day close, Inland American Real Estate Trust Inc. has bought its first multifamily property in the state. The $30-million buy is just the prelude for what's to come.

The Oak Brook, IL-based Inland has grabbed the 296-unit Waterford Place at Shadow Creek Ranch Apartments in Pearland, a 16.9-acre first phase at 200 Business Center Dr., from Davis Development Inc. of Stockbridge, GA. And, it will get the first look at the 275-unit second phase, which is now coming out of the ground, confirms Matt Tice, Inland's vice president of acquisitions. In addition, Inland's SEC filing reports a $34-million contract has been placed for the 364-unit Landings at Clear Lake at 501 Sarah Deel Dr. in Webster.

"We sold the first multifamily property in Houston to Inland, we're proud to say," stresses David Wylie, principal in the region for Apartment Realty Advisors. He tells GlobeSt.com that Inland wasn't the highest of the 12 offers, but the five-day closing and reputation for doing what it says were the dealmakers.