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Goldman Sachs Snags 370-Unit Retreat at Shadow Creek
Inland Private Capital Corp., developer and owner of the 370-unit Retreat at Shadow Creek, sold the apartment complex in Pearland, TX, to Goldman Sachs Asset Management Private Real Estate. The property at 2500 Business Center Dr. delivered in 2013 within a planned utility district, or PUD.
According to Berkadia’s Ryan Epstein, the PUD in question already met a specific amount of utilities and tract allotted for multifamily development. “The decrease in deliveries, coupled with the PUD’s virtually nonexistent capacity for new projects, create an opportunity for long-term growth and value appreciation,” said Epstein, who worked with Berkadia colleague Jennifer Ray in representing the seller.
Retreat at Shadow Creek offers one, two and three-bedroom units. Community amenities include an outdoor media lounge, tot pool and tot lot, pet park, picnic areas with barbecue grills, a car-wash station, club house and fitness center.
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