McCann Starts Work on Houston Apartment Project

HOUSTON—McCann Realty Partners LLC reports it has begun construction on its 350-unit Radius at Shadow Creek Ranch Apartments here.

The development will be housed at the 3,500-acre master planned community located in the Shadow Creek Ranch development on Business Center Drive and Discovery Bay Drive in the Pearland submarket of Houston.

Officials with the Richmond, VA-based company state that the luxury apartment project will include three-story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a fitness center, resort-style swimming pool and an activity center with video games and media, a cyber café and a gourmet kitchen. The project is scheduled to begin lease up in the fourth quarter of 2014 and will be managed by Pegasus Residential LLC. A construction loan was funded by Regions Bank. No financial terms on the loan deal were released. McCann will act as its own general contractor on the project.

"To date, we have developed and sold three projects in Houston and hope to continue our success with Radius at Shadow Creek Ranch," states McCann President Matthew T. Akin. "This location is unique because of its close proximity to the shops and restaurants in the Pearland Town Center and because of all of the new employment driven by recent hospital and new medical office development in the immediate area. We see Houston as a dynamic market that is driven by strong population and employment growth."

Shadow Creek Ranch is a 3,500 acre master planned community with more than 5,000 existing homes, town center shopping and dining, 700 acres of open space, 300 acres of lakes, 22 miles of hike and bike paths, six new schools and offices, hospitals and community facilities.