Inland Acquires 308-Unit Villas At Shadow Creek

PEARLAND, TX-Inland American Real Estate Trust Inc. has added to its portfolio in the master-planned Shadow Creek Ranch with its buy of the 308-unit Villas at Shadow Creek. Sources knowledgeable about the area suggest the buyer could have paid between $65,000 and $80,000 per door for the asset.

David Wylie, Houston principal with Apartment Realty Advisors says the Oak Brook, IL REIT had the right of first refusal on the property at 2020 Business Center Dr. after acquiring the neighboring 296-unit Waterford Place at Shadow Creek Ranch Apartments in March 2007. Inland American paid $30 million for Waterford Place.

“They liked the area and the liked the performance of Waterford Place,” says Wylie, who brokered the transaction between Inland American and seller Davis Development Inc. of Stockbridge, GA. Davis Development also developed and sold Waterford Place to Inland American.