Knightvest Capital has purchased Discovery at Shadow Creek Ranch, a 347-unit garden-style community in Pearland, Texas. Shadow Creek Ranch is a 3,500-acre lake themed master planned community 20 minutes from Houston. CBRE Investment Management was the seller. The new owner plans to renovate the asset and rename it to Barron Park. Knightvest’s renovation efforts will be focused on upgrading the gym, swimming pool and clubhouse.

Commercial Edge reports Knightvest took out a $35.8 million Freddie Mac acquisition loan from Berkadia.

Completed in 2010, the property comprises one- to three-bedroom floorplans, ranging from 642 and 1,487 square feet, spread throughout 12 buildings. Apartments feature kitchen islands, patios or balconies, as well as storage closets. Select units have walk-in closets, double bathroom sinks and direct garage entry. 

Community amenities include a gym, swimming pool and recreation room, alongside barbeque grills spread throughout the courtyard.

The firm’s metro Houston portfolio totals roughly 9,900 units.

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