Pearland Apartments Sold, Market briefs

Retreat at Shadow Creek Apartments, Pearland, Texas

In 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 large-scale 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 started work on another multifamily project in Pearland, which is just south of Houston.