FREDERICKSBURG, Texas –Terra Verde Group, in a partnership with Wheelock Street Capital have acquired Boot Ranch, a 2,052-acre private master-planned community located in Fredericksburg west of Austin, from Lehman Brothers.
The acquisition includes Estate and Cabin home sites, a 55,000 square foot members-only clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole Hal Sutton designed championship golf course, and a 34-acre golf practice park and executive par-3 course.
“The Texas Hill Country is a coveted second home and retirement destination, and Boot Ranch is the prime private-club residential offering for this market,” said Dan Green, Wheelock principal and head of land acquisitions. “With an infusion of new capital into this already remarkable property, there is significant potential to attract new residential members from throughout the state and beyond.”
Since 2009, Terra Verde has purchased finished lots, partially developed master-planned communities, entitled undeveloped raw land and mixed-use projects totaling almost 15,000 acres. TVG has over 30,000 units in Texas, Tennessee, Arizona and California currently in active development including the Lifestyle residential communities of The Grove (College Grove, TN) and Windsong Ranch (Dallas, TX).
The TVG Partners have experience in resort communities including the Ritz-Carlton Residences and Golf Club at Dove Mountain (Marana, AZ), The Landmark Golf Co. (CA), Angel Fire Golf Club (NM), Carlton Woods (Houston, TX) and Desert Mountain (Cave Creek, AZ).
Rick Kleeman and Jonathan Paul, two veteran private equity investors, founded Wheelock Street Capital in 2008.