Senior Living Developer Acquires One of Last MPC Tracts
Final commercial reserves in Shadow Creek Ranch.
PEARLAND, Texas – Larkspur Shadow Creek LLC has purchased a parcel in the Shadow Creek Ranch community, south of Houston, to develop a senior living campus.
The property, located near the northeast corner of Shadow Creek Ranch Parkway and Kingsley, represents one of the last commercial reserve tracts within the 3,300-acre Shadow Creek Ranch master plan, which is now in its 17th year of development.
The sale reflects Pearland’s growing role as a regional healthcare and services hub, with more than $350 million in medical projects either open, under construction or slated to begin soon. The senior living community, planned to break ground this summer, will occupy 9.45 acres.
“Seniors-related housing is among the most active residential categories we’re seeing in this market,” said Brad LyBrand of Houston-based NewQuest Properties.
LyBrand and Brad Elmore, vice president at NewQuest, represented the seller, A-S 143 SC Ranch LP, a single-purpose entity of NewQuest Crosswell. Kennedy Davis of BWH Capital LLC brokered the transaction on behalf of the buyer, Larkspur Shadow Creek LLC.
“Pearland’s growth is being driven by its proximity to the Texas Medical Center and downtown Houston,” Elmore added, “along with local expansion in research and development, manufacturing and retail.” Pearland is the third-largest city in the Houston metropolitan area and ranks No. 7 on RentCafe’s list of the most prosperous U.S. cities, noting a 21% increase in home values since 2000.
Development interest in Pearland has also been boosted by the SH 288 expansion, a new 10.3-mile toll road intended to improve traffic flow north toward Houston and south to TX 6. Downtown Houston is about 12 miles north and the Texas Medical Center roughly 10 miles away. Shadow Creek Ranch will have direct access to the four-lane toll road, scheduled for completion in mid-2019.
Pearland’s population has grown to nearly 125,000 since 2010, including many professionals and adult children of Baby Boomers who prefer to live near family. Shadow Creek Ranch offers homes priced from about $249,000 to $800,000, with lake views, a town square, and a $10.1-million, 65-acre community sports complex that includes parks, pools and miles of hike-and-bike trails. The surrounding trade area contains more than four million square feet of retail space.
“Shadow Creek Ranch is the premier master-planned community in Pearland and along the 288 Corridor,” Elmore said. Since 2004, commercial development there has been led by Houston developer Allen Crosswell, who acquired the remaining 63 acres last year.
“There is pent-up demand for these commercial reserve tracts. We’ve seen significant interest from senior-focused developers,” LyBrand said. “We currently have five contracts under agreement for a mix of uses, including schools, retail, single-family housing, medical facilities and age-restricted development.”
