Houston-based real estate firm Hines sold 11 communities across Texas, including Furst Ranch in Flower Mound, Argyle and Bartonville and Aster Park in McKinney, to a joint venture made up of an affiliate of Miami-based Starwood Capital Group and an affiliate of Land Strategies Management, per the news release.
“This transaction showcases the deep investment appetite for well-located, master-planned communities that deliver much-needed housing to high-growth markets, and capitalizing on tailwinds in the living sector,” Hines Managing Partner, Head of Americas Ray Lawler, said in the news release.
The details
According to the news release, the seven communities sold across the Dallas-Fort Worth area include:
- Aster Park, a residential community in northern McKinney that is expected to have around 1,100 homes
- Furst Ranch, which is an over 1,000-acre mixed-use development in Argyle, Bartonville and Flower Mound. The development is expected to include 5,000 multifamily units, 3,000 single-family homes and 1,000 senior-specific housing units, according to previous Community Impact reporting.
- Wildflower Ranch, a community that is expected to have over 3,300 homes and is located north of Fort Worth
- Creekside, a master-planned community in Royse City
- Myrtle Creek, a development in Waxahachie
- Northspur, a 700-acre community in Terrell, which could include more than 1,500 homes
- Redden Farms, a 251-acre development in Midlothian
What else?
The other four communities in the $800 million deal are located in Austin and Houston, according to the news release.
