McKINNEY, Texas – A partnership of The Johnson Development Corp. and Tricon Capital Group Inc. has purchased the McKinney, Texas master-planned community of Trinity Falls, the newest and largest master-planned development in Collin County near Dallas.
Houston-based Johnson Development and Tricon purchased the 1,700-acre community from Castle Hill Partners, an Austin private investment firm.
Upon full build-out, Trinity Falls will have 4,000 new homes along with retail and commercial space. Since its grand opening in 2014, the community has sold close to 700 home sites to a collection of regional and national homebuilders and currently has about 300 completed new homes.
“Trinity Falls is an established master-planned community with a proven track record in a dynamic, fast-growing market,” notes Larry D. Johnson, president and chief executive officer of The Johnson Development Corp. “This was a unique opportunity to acquire one of the region’s premier large-scale master planned communities.”
The project is initially being capitalized with a $74 million contribution from Tricon and in-place development financing.
This marks the fifth venture by Johnson Development and its investment partner, Tricon Capital Group, a Canada-based firm. Last year, the two acquired the Arlington master-planned community of Viridian in the Dallas area.
In late 2013, Johnson Development and Tricon acquired Camp Strake, one of the largest available land parcels within the Greater Houston area with 2,046 acres in north Houston now known as Grand Central Park. In 2012, the two firms partnered in the acquisition of the 3,200-acre west Houston master-planned community of Cross Creek Ranch.
Located in the McKinney community, near the intersection of 75/Central Expressway and Highway 380, Trinity Falls offers new, single-family homes starting in the mid $200s by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.
Now in its forty-first year, Johnson Development is one of the nation’s most active developers of master-planned communities with 16 currently under development. Its portfolio of communities includes 13 in Houston, two in the DFW Metroplex and one in Atlanta.
Tricon Capital Group Inc. is a principal investor and asset manager focused on the residential real estate industry in North America with a market capitalization of $1.1 billion and $2.8 billion of assets under management.
July 22, 2016