AUSTIN, Texas (September 8, 2010) – Hillwood has purchased the 468-acre Rocky Creek Ranch residential community in southwest Austin from LegacyTexas Bank. The community already has 151 completed lots and can accommodate another 241 lots.
“Purchasing Rocky Creek Ranch is a terrific opportunity for Hillwood to provide great value for homeowners in one of the best areas of Austin to live and in one of the state’s top school districts,” said Brian Carlock, senior vice president of Hillwood Residential.
Rocky Creek Ranch will open in the first quarter of 2011, when the new entry is scheduled to be completed and the model homes will be available to tour.
Carter Breed and Colin Armstrong of CB Richard Ellis represented LegacyTexas Bank in the transaction.
Homes at Rocky Creek Ranch will be built by Highland Homes (http://www.highlandhomes.com/Community-RockyCreek.html) and Drees Homes (http://www.dreeshomes.com/) and will be offered starting in the high $200’s. Comparable new homes in nearby communities typically start at $360,000.
Rocky Creek Ranch also will feature an amenity center with a resort pool, tot pool and playground, as well as 300 acres of open space with extensive trails. The community is adjacent to the 4,700-acre Shield Ranch Nature Conservancy.
Located on the south side of Hamilton Pool Rd. (FM 3238) approximately five miles south of Texas Highway 71 and just west of Crumley Ranch Rd., Rocky Creek Ranch lies within the Travis Independent School District, which is rated as exemplary, the highest rating by the state of Texas. All three schools that Rocky Creek Ranch’s children will attend (Bee Cave Elementary School, Lake Travis Middle School and Lake Travis High School) also have each earned the exemplary rating.
In addition to the purchase of Rocky Creek Ranch, Hillwood’s residential group has completed a variety of deals in 2010. Earlier this year Hillwood sold five residential properties in the Las Vegas, Nevada market to a joint venture between New Jersey-based Ridgewood Real Estate Partners and New York-based Angelo, Gordon & Co. In May Hillwood purchased a $38 million performing loan from a national residential lender for five partially developed master-planned communities and two golf courses in Georgia and Texas.
“This year Hillwood has been able to create great opportunities across the country that are different from the core development deals that we have concentrated on in the past,” said Fred Balda, president of Hillwood Residential.
Since 1989 Hillwood has developed residential communities with innovative features and top recreation amenities. The company has delivered more than 19,000 single-family lots in more than 30 cities, primarily in North Texas, over the past decade.
Hillwood (www.hillwood.com), a Perot company, is one of the country’s leading residential and commercial real estate developers and investors. The company is best known for its development of the 17,000-acre AllianceTexas project, located 15 miles northwest of DFW Airport; the $420-million American Airlines Center and Victory district near downtown Dallas; and the 2,000-acre AllianceCalifornia development near Los Angeles.
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