(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.
The property was on the market only 30 days. CB Richard Ellis Inc. executive vice president Todd Stewart tells GlobeSt.com that the deal was done at this time because the seller is a merchant developer who turns over projects as he completes them. In keeping with Alexan sales, the branding will be replaced at some point.
Stewart negotiated for Clear Lake Apartments LP. Working with him were CBRE executive vice president Craig LaFollette, senior vice president Todd Marix and senior associate Tre Banks. Inland American Webster used in-house brokers, as always, to work out the terms.
Inland this year started to amass a multifamily portfolio. It cracked the Houston market just a few weeks ago, paying $64 million for the 296-unit Waterford Place at Shadow Creek Apartments at 200 Business Center Dr.
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