HOUSTON –(Realty News Report) – Land Tejas has acquired a large tract of land in northwest Harris County for a new master-planned community called Cypress Green, another entry into Houston’s sizzling home building market.
The developer anticipates that at build-out, the community will be 646 acres with approximately 2,300 homes. Cypress Green is located on FM 2920 between Highway 290 and Highway 249 in Hockley.
Land Tejas purchased the property from McAlister Opportunity Funds. CBA Land Capital LP provided investment equity and Domain Real Estate Partners provided financing for acquisition and development of the tract.
Houston Home Building Surges
Houston home building surged in the first quarter of this year with 9,917 single-family home starts, the highest level of building since 2007, according to Zonda housing analysts.
Home building is headed for an exceptional year in Houston, although construction is held back by a shortage of lots, labor and building materials, said Lawrence Dean, Houston regional director of Zonda.
The supply of vacant lots available for Houston builders is at its lowest point ever, Zonda reports.
Land Tejas’ Cypress Green will feature a mix of home sites ranging from 40- to 55-foot-wide properties, some of which are expected to be delivered 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 for Land Tejas. “This community will be developed with the same innovative approach as our other Land Tejas projects.”
Cypress Green joins two other new Land Tejas communities — Sunterra in Katy and Marvida in Cypress, both of which are planned to launch this year. Henrie says he expects Cypress Green will begin home sales in 2022.
In all, Land Tejas has 12 active communities, including Balmoral, the No. 2 top-selling community in Texas and ranked among the nation’s 12 top-selling communities. It was the first community in Texas to debut a Crystal Lagoons® amenity.
Other current communities of Houston-based Land Tejas, founded in 1997, include Bridge Creek, Etteridge, Harmony, Miramesa, Sierra Vista, Sterling Lakes, Vanbrooke, Wedgewood Forest and Lago Mar, home to a 12-acre Crystal Lagoons amenity.
June 17, 2021 Realty News Report Copyright 2021
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Image: Land Tejas
File: Land Tejas Buys Acreage in Hockley. McAlister Opportunity Funds. CBA Land Capital LP. Domain Real Estate Partners