Wheelock Street Capital, Greewich, Conn., on Thursday said it has acquired Stillwater Ranch, the number-two selling master planned community in San Antonio TX.
The development will contain approximately 2,300 residential units at full build out. It was acquired in two separate transactions from two different lenders, and included a recapitalization with the property¹s existing ownership group, Wheelock said.
Stillwater Ranch, in western San Antonio near Alamo Ranch, was ranked second in single-family housing starts in 2010 by Metro Study. Home sales began in late 2007, with approximately 270 homes currently occupied. The deal included an amenity center with a pool, tennis court, basketball court, fitness center, and children¹s play area as well as more than 100 finished lots.
"The investment is a continuation of our land investment strategy of acquiring well located residential communities in markets with significant long-term growth potential," said Dan Green, Wheelock principal and head of land acquisitions.
The acquisition was Wheelock¹s third in Texas, joining the company's purchase of The Canyons of Sweetwater in Austin, which closed in November 2010, and the joint venture investment made with an affiliate of private builder McGuyer Homes Inc. of eight communities in Houston, Austin and Dallas in April 2010.
Learn more about markets featured in this article: San Antonio, TX.