HOUSTON – Inland Real Estate Acquisitions purchased Retreat at Shadow Creek Ranch in Pearland, Texas. 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 and Memorial Hermann has recently opened location nearby. HCA is constructing a $71 million facility within walking distance.
McCann has broken ground on another multifamily project in Pearland, which is just south of Houston.