NEW YORK--(BUSINESS WIRE)--Sentinel Real Estate Corporation (“Sentinel”) today announced that it has acquired The Retreat at Cinco Ranch, a 268-unit garden-style apartment community in the desirable Cinco Ranch submarket of Katy, TX, just west of Houston. The property represented an opportunity for Sentinel to acquire a high-quality asset in a rapidly growing market supported by strong fundamentals.
Originally constructed in 2008, The Retreat at Cinco Ranch comprises 12 three-story residential buildings consisting of one-, two- and three-bedroom apartments averaging 943 square feet. The first floor of the complex underwent a substantial renovation in 2019, which included the installation of modern appliances and upgraded finishes including new kitchen and bathroom cabinetry, quartz countertops, the addition of tile in kitchen backsplashes and bathroom showers, and wood-style flooring in living areas.
Legacy unit finishes at the property include granite countertops and carpet in living areas. All units include track and pendant lighting, walk-in closets and full-sized washers and dryers. Community amenities include a modern clubhouse with a fitness center, an indoor cycling studio, a resident lounge with a kitchen and coffee bar, a business center, and package lockers, a resort-style swimming pool with a sundeck and lounge area, outdoor grilling stations and a playground with a picnic area. Following the transaction, Sentinel intends to realize additional value by expanding the capital improvement program to replace legacy finishes on the second and third floors.
“With The Retreat, we recognized a compelling opportunity to acquire a high-quality asset in the beloved Cinco Ranch submarket, a master-planned community that remains well insulated from new supply,” said Michael Streicker, President of Sentinel. “The submarket has seen significant rent and population growth, with rents increasing by 16.3 percent last year. We expect that upgrading the remaining 172 units will position the property for continued success.”
The Retreat at Cinco Ranch is optimally located amid some of Houston’s most upscale residential neighborhoods and within the top-ranked Katy Independent School District, enjoying access to several lifestyle, retail and restaurant destinations along Mason Road. The property offers convenient access to Houston’s energy corridor along Interstate 10, which is home to the North American Headquarters for Shell, CITGO and BP, among others. Major employers in the area also include MD Anderson Cancer Center, Texas Children’s Hospital and GEICO.
Sentinel has been active in the Houston market throughout its 53-year history and currently owns and operates three properties nearby, 3000 Sage Apartments, The Lodge at Cypresswood Apartments and Everlee Apartments, providing enhanced competitive positioning in the submarket. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.
About Sentinel Real Estate Corporation
Established in 1969, Sentinel Real Estate Corporation is a New York City-based independently owned real estate investment management firm. The firm currently has $9.3 billion of institutional-quality real estate assets under management on behalf of more than 100 domestic and international clients. Sentinel maintains offices throughout the United States, Amsterdam, Germany, Australia and Singapore. The firm’s portfolio currently comprises over 26,000 apartment units and 5.3 million square feet of commercial real estate. Sentinel operates on a vertically integrated platform with 750 employees performing all phases of the investment process including on-site property management. For more information about Sentinel, please visit www.sentinelcorp.com.