Inland Private Capital Sells Houston-Area Community
Goldman Sachs Asset Management Private Real Estate purchased the asset in a transaction that involved a $28.8 million loan held by TIAA.
Inland Private Capital Corp. has traded Retreat at Shadow Creek Ranch, a 370-unit multifamily asset in Pearland, Texas. Goldman Sachs Asset Management Private Real Estate purchased the community in a transaction which, according to Yardi Matrix data, involved a $28.8 million loan held by TIAA.
Located at 2500 Business Center Drive, Retreat at Shadow Creek Ranch is 16 miles south of downtown Houston. Both South and Houston freeways are close to the property, with several retail, dining and entertainment venues within a 2-mile radius. Completed in 2013, the apartments spread across 10 three-story buildings. The one-, two- and three-bedroom units range from 656 to 1,486 square feet. Common-area amenities include picnic areas with barbecue grills a fitness center, two swimming pools, a pet park, a car wash station and 555 parking spaces.
“The property is found within a planned utility district (PUD), which has already met a set amount of utilities and number of tracts allotted for multifamily development. The decrease in deliveries, coupled with the PUD’s virtually nonexistent capability for new projects, create an opportunity for long-term growth and value appreciation,” said Berkadia Senior Managing Director Ryan Epstein, in prepared remarks.
Epstein and Director Jennifer Ray of the company’s Houston office arranged the transaction on behalf of the seller. Recently, the same team brokered the sale of Stella at Riverstone, a 351-unit garden-style community in Sugar Land, Texas.
Image courtesy of Berkadia