PEARLAND, TX—CBRE’s Multi-Housing Group says Inland Real Estate Acquisitions, Inc. has purchased Retreat at Shadow Creek Ranch in Pearland. The newly constructed, 370-unit apartment complex is located at 2500 Business Center Drive and is adjacent to Shadow Creek Ranch, a master-planned community.
Ryan Epstein of CBRE in Houston represented the seller, McCann Realty Partners, in the transaction.
Since its completion, the class A complex has had a rapid lease-up to 90% occupancy. Move-ins averaged more than 40 units per month from February through October, 2013.
“The strength of this property’s lease-up demonstrates the demand for high-end apartments as the medical industry begins to move into the Pearland area,” said Epstein. “Kelsey-Seybold recently opened a clinic nearby, and Memorial Herman plans to open a location in 2015 adjacent to Retreat at Shadow Creek Ranch.”
The apartments are within walking distance of the Pearland Town Center and are proximate to the Texas Medical Center, William P. Hobby Airport and downtown Houston, as well as major thoroughfares Highway 288 and Beltway 8.
Unit amenities include granite countertops, nine-foot ceilings, island kitchens, stainless steel-design appliances and Mongolian Tigerwood flooring. Common amenities include a clubhouse, fully equipped fitness facility, yoga and spin room, Internet café, resort-style pool, outdoor media lounge, pet park and limited access gates. LEED Silver and Energy Star certifications are pending for the complex.