HOUSTON – Inland Real Estate Acquisitions has purchased Retreat at Shadow Creek Ranch in Pearland, TX, for an undisclosed price. The class A residential property was sold by McCann Realty Partners.
Retreat at Shadow Creek is situated at 2500 Business Center Dr., adjacent to the master-planned Shadow Creek Ranch. This location makes it highly appealing, with a number of companies expressing interest in the purchase, turning it into a competitive bidding process.
“We believe this property is extremely attractive due to its quality of construction, rapid lease-up and excellent Shadow Creek Ranch/Pearland location within proximity of several major transportation corridors,” Ryan Epstein, of CBRE, tells GlobeSt.com. His team handled the sale for McCann Realty.
The 370-unit complex is more than 90% occupied. Amenities of the site include a clubhouse, fitness facility, yoga and spin room, Internet café, resort-style pool, outdoor media lounge and pet park.
Residents will be able to walk to the Shadow Creek Ranch Town Center, which includes major retailers like HEB Plus!, Ashley Furniture, Hobby Lobby and Burlington Coat Factory. It’s location also allows residents to utilize the surrounding 7,000 acres of open spaces, 300 acres of lakes, and approximately 22 miles of hike and bike trails, according to Epstein.
In addition to these attractions, there is a five-block area between Shadow Creek Ranch Parkway and Broadway that will become the medical center for Pearland. Additionally, by 2015 there will be two hospitals and several specialty medical clinics and offices located nearby. As a result, Retreat at Shadow Creek Ranch is not the only new housing development.
“Multi-housing development is being driven by the growth of the City of Pearland along with the new medical developments in the area and resulting employment opportunities,” Epstein says.