HOUSTON – Crescent Communities has sold The Groves, a 1,000-acre master-planned community in northeast Houston, along with two other Texas single-family communities, to funds managed by Castlelake, L.P., based in Minneapolis.
The Charlotte-based developer sold 100 percent of its interests in The Groves in the Humble area of northeast Houston, Belterra in southwest Austin, and Wildridge in Oak Point, a suburb of Dallas.
“We’re proud of the communities that we’ve created in Texas, and we’re pleased a thoughtful, like-minded investor was interested in continuing the legacy that we started,” said Todd Mansfield, president and CEO of Crescent Communities. “This transaction supports Crescent’s strategic plans to reinvest and continue growing our single-family and multifamily portfolios, our new homebuilding company Fielding Homes, and our commercial and mixed-use division.”
The Groves, near Lake Houston, opened in 2015 with an initial roster of builders that included David Weekley Homes, Trendmaker Homes and Taylor Morrison, among other major builders. The wooded development sits off West Lake Houston Parkway and was expected to attract buyers from the nearby McCord’s Generation Park commercial development. The Groves also offered residents a shorter commute to fast-growing petrochemical complexes on Houston’s east side.
Crescent said it will work to ensure a smooth transition of the communities, which will be further developed and operated by Ashlar Development LLC. The Ashlar team includes many of the local professionals already managing these established and growing neighborhoods.
Earlier this year, Houston multifamily developer Martin Fein Interests acquired 18 acres across from The Groves and plans to build a 300-unit apartment project. The Garrett Cos., a multifamily developer based in Indianapolis, also recently completed an apartment development in the area.
Crescent Communities will remain active in Texas. The company will continue to own and develop Bryson in the Austin suburb of Leander and maintain its joint-venture partnership in Rough Hollow in Lakeway, west of Austin.
Founded in 1963, Crescent Communities develops single-family, multifamily, mixed-use and commercial properties and land.
Castlelake, founded in 2005 by Rory O’Neill, manages investment funds and had approximately $8.9 billion in assets under management, serving endowments, pension plans, insurance companies and other institutional investors.
Feb. 21, 2017 Realty News Report Copyright 2017