(Read more on the multifamily market.)
WEBSTER, TX-One-year-old Alexan Landing Apartments in the city's affluent Bay Area is under new ownership today. Inland American Webster Clear Lake LP of Oakbrook, IL bought the 92%-leased, 364-unit from Clear Lake Apartments LP.
The Trammell Crow Residential development is located at 501 N. Sarah Deel Dr. Brokers participating in the transaction tell GlobeSt.com that buyer and seller have requested the price and the cap rate be undisclosed. However, other area brokers familiar with the property, the submarket and current replacement costs tell GlobeSt.com that Alexan Landing probably sold for a minimum of $100,000 per unit or upward of $36.4 million.
The developer of record, Clear Lake Apartments LP, built the complex in 2006. The average unit is 932 sf. Rent, before concessions, ranges from $796 to $1,274.
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