HOUSTON – Crescent Communities has sold The Groves, a 1,000-acre master-planned community in northeast Houston and two other Texas single-family communities to funds managed by Castlelake, L.P. of Minneapolis.
The Charlotte-based Crescent sold 100 percent of its interests in The Groves in the northeast Houston suburb of Humble, Belterra in southwest Austin and Wildridge in the Dallas suburb of Oak Point.
“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. “The transaction supports Crescent’s strategic plans to reinvest and continue to grow our other single family and multifamily communities, our new homebuilding company Fielding Homes and our commercial / mixed use division.”
The Groves, located near Lake Houston, opened in 2015 with an initial builder roster including David Weekley Homes, Trendmaker Homes, Taylor Morrison and other major builders. The wooded project is located off of West Lake Houston Parkway and it was expected to draw buyers from the nearby McCord’s Generation Park commercial development. The Groves also provided a quicker commute to the fast-growing petrochemical complexes on the east side of Houston.
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 who are already managing these established and growing communities.”
Earlier this year, Martin Fein Interests, a Houston multifamily developer, acquired 18 acres across from The Groves. Fein will build a 300-unit apartment project. And The Garrett Cos., a multifamily developer based in Indianapolis, also recently developed an apartment project in the area.
Crescent Communities has not left the Lone Star State altogether. Elsewhere in Texas, Crescent will continue to own and develop Bryson in the Austin suburb of Leander and maintain its joint venture partnership in Rough Hollow west of Austin in Lakeway.
Crescent Communities, founded in 1963 develops single family, multifamily, mixed-used and commercial properties and land.
Castlelake, founded in 2005 by Rory O’Neill, managed $8.9 billion in assets for endowments, pension plans, insurance companies and other investment funds.
Feb. 21, 2017 Realty News Report Copyright 2017