Dave Ramsey, executive vice president with NewQuest, said both sides were determined to complete the deal despite challenges posed by the coronavirus outbreak.
"NewQuest and D.R. Horton mutually believe business can get done under present-day conditions if all parties work together as they did," Ramsey said in a press release. "Many other builders are canceling and extending deals at this time. D.R. Horton was able to step up and get it closed."
Details on D.R. Horton's plans for the community have not been announced. The lots being exchanged are vacant developed lots, meaning that they have a recorded plat with streets and utilities in place and are ready for homes to be built.
D.R. Horton has homes throughout the Greater Houston area but none in Cypress. Other communities where the company has built homes include Raleigh Creek in Tomball and Ventana Lakes near Katy.
Stone Creek Ranch is a 1,120-lot, master-planned community located on 525 acres in Hockley a few miles west of the Grand Parkway. Other homebuilders at the community include Gehan Homes, CastleRock Communities and K. Hovnanian Homes. Home sales began at the community in 2010, and the average home price is around $293,000, according to the April 13 release.
Several amenities have also been constructed, including a swimming pool and a clubhouse.
