Developers, Larry and Spencer Taylor at the entrance to Wildridge Community in Little Elm.
A Charlotte, North Carolina-based real estate investment firm — Crescent Communities LLC — has sold three of its Texas master-planned communities, including the $750 million Wildridge community in Denton County.
The 420-acre, 1,194-home community has been more than a decade in the making and opened up to residents a year ago.
Crescent Communities partnered up with Dallas-based Taylor-Duncan Intereststo bring the master-planned community on the peninsula area of Lake Lewisville near U.S. 380 between Interstate 35E and the Dallas North Tollway to fruition.
“We’re proud of the communities that we’ve created in Texas, and we’re pleased a thoughtful like-minded investor was interested in continuing the legacy that we started,” said Todd Mansfield, president and CEO of Crescent Communities, in a statement.
The deal supports Crescent’s strategic plan to reinvest and continue to grow its single-family and multi-family communities, with its new homebuilding company Fielding Homes and its commercial division, he added.
Crescent Communities sold 100 percent of its interests in Wildridge in Denton County — as well as The Groves near Houston and Belterra near Austin — to funds managed by Castlelake LP.
In Texas, Crescent Communities will continue to own and develop Bryson in Leander near Austin and maintain its joint venture partnership in Rough Hollow in Lakeway near Austin.
The three newly sold master-planned communities will be further developed and operated by Ashlar Development LLC of Arizona. Terms of the deal were undisclosed.
Homes in Wildridge are priced just under the $300,000s to more than the $500,000s. The single-family homes will range from 1,800 square feet to 4,800 square feet, depending on the builder.
Last year, the development partnership completed building a 5-acre park and the community’s new $5 million amenity center, which includes an adult pool, a splash pool for children, outdoor grilling area, adjacent park, walking trails and natural ponds.
The community is served by Oak Point Elementary, which is located adjacent to the Wildridge master-planned community.
Candace Carlisle covers real estate for the Dallas Business Journal.