Houston—Construction has begun on the 350-unit Radius at Shadow Creek Ranch Apartments in Houston. The announcement was made by McCann Realty Partners, the developer of the luxury Class A apartment community.
The development will be located in the Shadow Creek Ranch development at Business Center Dr. and Discovery Bay Dr., a 3,500-acre master planned community with more than 5,000 existing homes.
Also featured in the master planned community are town center shopping and dining, 700 acres of open space, 300 acres of lakes and 22 miles of hiking and biking paths, six new schools, and offices, hospitals and community facilities.
“The Shadow Creek Ranch submarket is experiencing expansion and new development driven by employment growth in the medical, office and retail sectors,” McCann Realty Partners CEO, principal and founder Fleet Wallace, tells MHN. “Shadow Creek Ranch has easy access to Highway 288, which leads to the Houston medical center and other employment centers in Houston.”
Adds Matthew T. Akin, president of McCann Realty: “Houston is an expanding job market, and this particular location has a lot of new development and growth in the jobs arena as well, with new medical facilities and new medical offices in the area. The retail sector is newer, thriving, and doing very well. We feel there’s demand for more multifamily housing coming with all that new growth.”
Akin adds that the only real challenge to confront McCann Realty thus far was finding a suitable site that could be purchased at a price allowing for investment returns sufficient enough to satisfy the company’s investors’ expectations.
McCann will serve as its own general contractor on the apartment community, which is slated to begin lease up late this year. Management will be by Pegasus Residential. Regions Bank funded the construction loan.
Common area amenities at Radius at Shadow Creek Ranch Apartments will include a clubhouse with a fitness center, resort-style swimming pool, an activity center with video games and media, an internet café, and a gourmet kitchen. The community will be comprised of three-story stone-and-stucco structures featuring both attached and detached garages.
“This new project will be built to the latest Energy Star standards,” reports Eric Phipps, director of asset management for McCann Realty. “That will ensure delivery of energy efficiency that will save our residents money.”
The company is also currently developing apartment projects in Dallas, another one of its headquarters cities, and Orlando, Fla.
“This Class A property will offer luxury amenities and will attract residents who will support the local retail, in particular Pearland Town Center,” Wallace says.