Inland's $64M Opens Texas Multifamily Doors

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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.