At full build out, the 1,700-acre master planned community Trinity Falls will offer roughly 4,000 new homes along with retail and commercial space in McKinney, Texas, north of Dallas. In late July, a partnership between The Johnson Development Corp. and Tricon Capital Group Inc. purchased Trinity Falls from Austin-based private investment firm Castle Hill partners for an undisclosed sum.
“Trinity Falls is an established master-planned community with a proven track record in a dynamic, fast-growing market,” notes Larry D. Johnson, president and CEO of Johnson Development. “This was a unique opportunity to acquire one of the region’s premier large-scale master planned communities.”
The community opened in 2014 and has sold close to 700 home sites to a collection of regional and national home builders, including Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes, and Plantation Homes. There are currently about 300 completed new homes on site with prices starting in the mid $200s.
Trinity Falls offers a resort-style clubhouse, beach entry pool, kids splash area, neighborhood parks and playscapes while a community lifestyle director plans a variety of resident-only events. Situated along the banks of the Trinity River, Trinity Falls also boasts more than three miles of river frontage and over 450 acres of open space.
Children in the community attend schools in the McKinney Independent School District. Land also has been reserved in Trinity Falls for up to four on-site elementary schools, all part of the McKinney ISD. Each campus will include an adjoining park.
The Trinity Falls purchase was not the first for the Johnson Development-Tricon duo. Last year, the two acquired the Arlington, Texas master-planned community of Viridian, one of the nation’s largest infill communities.
In late 2013, Johnson Development and its investment partner Tricon acquired one of the largest available land parcels within the Greater Houston area: 2,046 acres in north Houston now known as Grand Central Park. And in 2012, the two firms partnered in the acquisition of the 3,200-acre west Houston master-planned community of Cross Creek Ranch.
Now in its 41st year, Houston-based Johnson Development has 16 master-planned communities currently under development. Its portfolio of communities includes 13 in Houston, two in the DFW Metroplex, and one in Atlanta.
Toronto-based Tricon is a principal investor and asset manager focused on the residential real estate industry in North America with a market capitalization of $1.1 billion and approximately $2.8 billion of assets under management.