MCKINNEY, Texas, July 21, 2016 /PRNewswire/ -- A partnership of The Johnson Development Corp. and Tricon Capital Group Inc. has purchased the McKinney, Texas master-planned community of Trinity Falls, the newest and largest master-planned development in Collin County.
Johnson Development and Tricon purchased the 1,700-acre community from Castle Hill Partners, an Austin private investment firm.
Upon full buildout, Trinity Falls will offer approximately 4,000 new homes along with retail and commercial space. Since its grand opening in 2014, the community has sold close to 700 homesites to a collection of regional and national homebuilders and currently has about 300 completed new homes.
"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 chief executive officer of The Johnson Development Corp. "This was a unique opportunity to acquire one of the region's premier large-scale master-planned communities."
This marks the second north Texas master-planned community acquired by Johnson Development and its investment partner, Tricon Capital Group. Last year, the two acquired the Arlington master-planned community of Viridian, an Audubon Certified Gold Signature Sanctuary and one of the nation's largest infill communities.
In late 2013, Johnson Development and 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. In 2012, the two firms partnered in the acquisition of the 3,200-acre west Houston master-planned community of Cross Creek Ranch.
Located minutes from the intersection of 75/Central Expressway and Highway 380, Trinity Falls offers new, single-family homes starting in the mid $200s by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.
The amenity-rich community 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.
Trinity Falls families attend schools in the highly acclaimed 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.
Now in its 41st year, Johnson Development is one of the nation's most active developers of master-planned communities with 16 currently under development. Its portfolio of communities includes 13 in Houston, two in the DFW Metroplex and one in Atlanta.
Tricon Capital Group Inc. 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.
About The Johnson Development Corp.
The Johnson Development Corp. is a Houston-based, award-winning residential and commercial land development company. Now in its 41st year, the company has set the standard for successful master-planned communities in Houston, Atlanta and other markets around the country. Johnson Development's impressive collection includes the Houston-area communities of Cross Creek Ranch, Edgewater, Fall Creek, Grand Central Park, Harmony, Harvest Green, Imperial, Jordan Ranch, Riverstone, Sienna Plantation, Silverlake, Tuscan Lakes, Veranda, Willow Creek Farms and Woodforest as well as Viridian in Arlington, Texas and Atlanta's Lake Arrowhead. The Johnson Development Corp. also provides outsourced development services for property owners, homebuilders and other parties on a fee basis to help realize the potential of their land positions. For more information on Johnson Development, visit www.johnsondevelopment.com.
About Tricon Capital Group Inc.
Tricon is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $2.8 billion (C$3.6 billion) of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, and manufactured housing communities. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business and to earn fee income through our Private Funds and Advisory business. Since its inception in 1988, Tricon has invested in real estate and development projects valued at approximately $17 billion. More information about Tricon is available at www.triconcapital.com.
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SOURCE The Johnson Development Corp.