HOUSTON – (Realty News Report) – Land Tejas has acquired a substantial parcel in northwest Harris County to develop a new master-planned community called Cypress Green, adding to Houston’s robust homebuilding market.
When fully developed, Cypress Green is expected to encompass approximately 646 acres and about 2,300 single-family homes. The community is situated along FM 2920 between Highway 290 and Highway 249 in Hockley.
Land Tejas purchased the property from McAlister Opportunity Funds. Investment equity for the project was provided by CBA Land Capital LP, and Domain Real Estate Partners arranged financing for both acquisition and development of the tract.
Houston Home Building Surges
Houston experienced a strong start to the year in homebuilding, with 9,917 single-family starts in the first quarter—the highest quarterly total since 2007—according to Zonda housing analysts.
Analysts say Houston is poised for an exceptional year of home construction, although growth is constrained by limited lot availability, labor shortages and building material constraints, said Lawrence Dean, Houston regional director for Zonda.
Zonda reports the supply of vacant lots available to Houston builders is at an all-time low, intensifying competition for new development sites.
Cypress Green will offer a variety of home site widths, primarily 40- to 55-foot lots, with initial deliveries expected beginning in 2022. The community will be served by the Waller Independent School District.
“We are very excited to continue growing our portfolio of outstanding master-planned communities in the Greater Houston area with the addition of Cypress Green,” said James Henrie, Chief Operating Officer of Land Tejas. “This community will be developed with the same innovative approach as our other Land Tejas projects.”
Cypress Green joins two other recently announced Land Tejas communities—Sunterra in Katy and Marvida in Cypress—both scheduled to launch this year. Henrie indicated that home sales at Cypress Green are expected to begin in 2022.
Overall, Land Tejas currently has 12 active communities. One of its developments, Balmoral, is the No. 2 top-selling community in Texas and ranks among the nation’s 12 top-selling communities. Balmoral was also the first community in Texas to debut a Crystal Lagoons® amenity.
Other active Houston-area Land Tejas communities include Bridge Creek, Etteridge, Harmony, Miramesa, Sierra Vista, Sterling Lakes, Vanbrooke, Wedgewood Forest and Lago Mar, the latter featuring a 12-acre Crystal Lagoons amenity.
June 17, 2021 – Realty News Report. Copyright 2021.
For readers interested in Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
Image: Land Tejas
File: Land Tejas Buys Acreage in Hockley. McAlister Opportunity Funds. CBA Land Capital LP. Domain Real Estate Partners.