(Read more on the multifamily market.)
WEBSTER, TX-One-year-old Alexan Landing Apartments in the city'saffluent Bay Area is under new ownership today. Inland AmericanWebster 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 tellGlobeSt.com that buyer and seller have requested the price and thecap rate be undisclosed. However, other area brokers familiar withthe property, the submarket and current replacement costs tellGlobeSt.com that Alexan Landing probably sold for a minimum of$100,000 per unit or upward of $36.4 million.
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