By STEVE BROWN
Real Estate Editor email@example.com
A Houston firm that’s one of the largest developers of residential communities in Texas has completed its purchase of the sprawling Trinity Falls development north of McKinney.
Johnson Development Corp. and Tricon Capital bought the undeveloped portions of the $1.3 billion, 1,700-acre Trinity Falls development in Collin County near U.S. Highway 75.
Trinity Falls is one of the Dallas area’s most successful new residential projects and has been for sale since early this year. Austin-based owner Castle Hill Partners hired Holliday Fenoglio Fowler LP to find a buyer for the unfinished portions. Terms of the sale were not disclosed.
Plans for Trinity Falls call for 4,000 new homes, retail and office space. Since the community opened in 2014, about 300 homes have been built and 700 home sites have been bought by builders.
“This was a unique opportunity to acquire one of the region’s premier large-scale, master-planned communities,” Larry D. Johnson, president and chief executive of Johnson Development Corp., said in a statement.
Johnson has built more than a dozen communities in the Houston area, and this is its second major investment in North Texas. Last year the company acquired the 2,000-acre Viridian development in Arlington.
Trinity Falls has single-family homes starting in the mid-$200,000s built by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.
The community includes a resort-style clubhouse, beach-entry pool, neighborhood parks, more than three miles of Trinity River frontage and over 450 acres of open space.
Forty-one-year-old Johnson Development is an award-winning firm that has projects in Texas and Georgia.
“They are one of the premier master-planned community developers in the Houston area,” said Ted Wilson, a principal at Dallas-based housing analyst Residential Strategies. “It’s a logical migration for them to come here.”
Wilson said Trinity Falls has been well-received. “They’ve done 300 home starts in last year,” he said. “That places them in the top 10 most active communities in D-FW.”