Wheelock Street Capital has sold the remaining land assets of Devonshire, a 925-acre master-planned community outside Dallas, to Haynes Development Company and Avanti Properties Group, the Greenwich, Conn.-based real estate investment firm announced Tuesday.
The sale included 119 finished lots, 241 lots under development and 1,350 future lots. Terms of the transaction, which closed Jan. 25, were not disclosed.
Wheelock acquired land assets and partially completed lots at Devonshire in early 2014 from Hunt Properties. At that time about 250 homes had been built and sold by home builders. In the subsequent three years, Wheelock brought in four new builders to expand the range of home plans offered to buyers. Builders have sold 412 homes in the past 36 months at Devonshire, at prices ranging from the low $200,000s to the low $400,000s.
Builders currently selling in Devonshire include Highland Homes, Bloomfield Homes, Gehan Homes, Pulte Homes, and Beazer Homes. Devonshire is located 20 miles east of Dallas, in the suburb of Forney, Texas. The community was established in 2008 and features a resort-style clubhouse and pool complex, amphitheater, playgrounds, trails and ponds.
In 2010, Wheelock became a major player in Texas residential development when it purchased 3,200 lots in partnership with McGuyer Homebuilders (MHI). Wheelock went on to acquire and develop master-planned communities in the Austin, San Antonio, Houston, and DFW markets. In 2015, Wheelock sold the Canyon Falls community in Flower Mound and Sweetwater in Austin to Newland Communities. It sold Stillwater Ranch in San Antonio to RSI Communities late last year.
Haynes Development Company has been developing residential and mixed-use projects in the North Texas region for more than 30 years and is currently involved in six residential communities in the DFW metroplex. Avanti is a national land investment firm based in Winter Park, Fla., and is currently active in six community developments in Houston and Dallas.
