PEARLAND, Texas — McCann Realty Partners, LLC has started construction on the 350-unit Radius at Shadow Creek Ranch Apartments in the Pearland submarket of Houston.
Within a half-mile of the site, two hospitals – HCA Pearland Medical Center and Memorial Hermann – are under construction along with a medical professional building by AMD Asset Holdings.
Located west of Highway 288, the McCann apartments will be built at the southwest corner of Business Center Drive and Discovery Bay Drive, in the Shadow Creek Ranch development.
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 and 22 miles of hike and bike paths, six new schools and offices, hospitals and community facilities.
The Class A apartment project will include 3 story stone and stucco exteriors with attached and detached garages. Amenities will include a large clubhouse with a state of the art 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. The construction loan was funded by Regions Bank. 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,” said McCann’s President, Matthew 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.”
McCann is currently seeking new development opportunities and apartment acquisitions in the Mid-Atlantic, Southeast and Texas and a very strong track record in the apartment industry. The Company is in the market continuously to acquire both Class A and value-add apartment communities of 150 units or more. MRP is also currently developing apartment communities in Dallas, Houston and Orlando.
Since inception, MRP has acquired 23 apartment communities totaling more than 5,850 homes in transactions valued at approximately $485 million. MRP has also completed or has under development 8 communities totaling 2,182 homes with an estimated completed value of $300 million.