IRVINE, Calif., Jan. 8, 2013 /PRNewswire/ -- SunCal, one of the leading privately held land developers in the U.S., has closed the $15 million purchase of the partially developed 758-acre ShadowGlen master-planned community in Manor, Texas, an eastern suburb of Austin, the state capitol.
The seller of ShadowGlen was 2010 ShadowGlen LLC, a partnership between Dwyer Realty and MHI Partnership, Ltd., which had acquired the project as part of a larger portfolio. The property's original developer had invested several million dollars into the property over a five-year period to secure land entitlements and develop the site.
The development of the community's first phase began in 2003. A four-acre water park and a state-of-the-art recreation center have been completed, along with infrastructure throughout the property. The 18-hole ShadowGlen Golf Course opened for play in 2004 and was designed by Bechtol Russell Golf Design. In 2007, a new golf clubhouse offering a pro shop and restaurant was added to the course. Approximately 850 residential lots have been developed and more than 700 homes have been sold. When completed, the community will feature 3,000 homes, ample parkland and walking trails.
ShadowGlen is located 14 miles east of Austin's city center at the terminus of the Manor Expressway, an under-construction, $430-million toll road that leads from the master-planned community to the highways that provide access to Austin and other job nodes north of the city. The Expressway is scheduled for completion in 2014.
"We're very pleased to acquire this exceptional development in the Austin market, which is one of the fastest-growing areas in the nation," said Randy Teteak, SunCal Executive Vice President. "This community offers homes that are attractively priced, it is a short commute from downtown Austin and residents can enjoy a host of excellent amenities."
SunCal is continuing to actively pursue additional acquisitions in the Austin area as well as other regions throughout the United States.
SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest privately held land developers in the U.S. and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; and Melbourne, Fla. For more information, visit www.suncal.com.