Global alternative investment firm Värde Partners has teamed up with Texas-based real estate developers Craig Martin and David Blom to acquire the Windsong Ranch master-planned community in Prosper, Tex. from an affiliate of the Terra Verde Group. The joint partners have formed a new real estate development company, Tellus Group, in order to continue leading and managing the project.
The 2,030-acre Windsong Ranch community is located 2.5 miles west of the Dallas North Tollway. Approximately one-quarter of its planned new homes are currently occupied or completed. At full buildout, the community is expected to contain 3,100 single-family homes and 150 acres of mixed-use development. Martin and Blom are the original developers of Windsong Ranch.
“In a dynamic real estate market with consistently strong job growth, Windsong has experienced strong demand and is now one of the most sought after residential locations in the greater Dallas metro area,” says Martin, now president of Tellus Group. “Given our experience with the project going back several years, we are excited to partner with Värde to acquire it and see it through to completion. With the formation of Tellus Group, we are also now positioned to find similar high-quality projects to invest in.”
As the Tellus Group, the developers will oversee the development of the remaining land, as well as the completion of the community’s new Crystal Lagoon amenity, the first of its kind in North Texas. The five-acre lagoon amenity, slated to open in spring 2019, will feature white sand beaches and water activities.
The community’s Commons will also offer two pools, an event lawn, an amphitheater, a fitness center, and tennis and basketball courts. A disk golf course, a mountain biking course, multiple fishing lakes and a community garden are also available for resident use. Six hundred acres have been set aside as open green space, with over 30 miles of walking trails.
Windsong Ranch features new homes on 61’ to 86’ lots, ranging in price from the upper $200,000s to over $1 million. Builders include American Legend Homes, Belclaire Homes, Britton Homes, Chesmar Homes, Darling Homes, Drees Custom Homes, Grenadier Homes, Highland Homes, Huntington Homes, and MainVue Homes.
“We’re excited to partner with two local experts with deep experience in the market as we expand our real estate portfolio to include a best-in-class master planned community in Texas,” says Brendan Bosman, a managing director at Värde Partners. “We have been investing in residential real estate developments for more than 10 years and look forward to sourcing more opportunities with Tellus Group in the future.”
