HOUSTON – (Realty News Report) – Land Tejas has purchased 856 acres of land to develop a master-planned community that will include approximately 2,500 homes in northwest Harris County.
The site is located north of FM 529, west of Fry Road and east of the Grand Parkway, positioning it within a rapidly growing section of northwest Harris County.
“Demand for homes in the Cypress area has been phenomenal,” said James Henrie, Chief Operating Officer of Land Tejas. “This will be our fourth master-planned community in the market after the success of Stone Gate, Canyon Lakes West and Miramesa.”
Henrie said the fully built-out community is expected to include about 2,500 homes. A name for the new development has not been announced. The first phase of lots is scheduled for delivery in 2021.
Financing for the land acquisition and initial development was provided by Trez Capital. CBA Land Capital LP partnered with Land Tejas as the equity investor for the purchase.
“We are pleased to provide the financing to Land Tejas for the acquisition and development of this property, which is in a thriving area of Houston,” said John Hutchinson, President for the central and southwestern U.S. at Trez Capital.
Land Tejas communities have consistently ranked among the top-performing neighborhoods nationally. Recent examples include Miramesa in Cypress and Harmony in Spring; Harmony was recognized for the third consecutive year as one of the nation’s 20 top-selling communities by research firms Robert Charles Lesser & Co. (RCLCO) and John Burns Real Estate Consulting.
Oct. 4, 2019 Realty News Report Copyright 2019
Read the New Book by Ralph Bivins, Editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
Available on Amazon