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Inland American Buys 364-Unit Alexan Landing

WEBSTER, TX-Inland American closes on another multifamily asset in the region, getting a 92%-leased complex from Trammell Crow Residential.

By Alex Finkelstein | Updated on April 18, 2007

(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.

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