A group of undisclosed investors through Southstar Woodcreek
Developer LLC has bought a large 850-acre tract of residential and commercial
land within the Woodcreek master-planned community in Fate, a suburb about 35
miles east of Dallas.
The tract of land was the last remaining undeveloped piece
within the community. Terms of the land deal were undisclosed. Andrew Prine of
Stratford Land brokered the deal.
Southstar plans to continue developing tracts to regional
and national homebuilders. Currently, the master-planned community has more
than 1,500 homes. The Woodcreek development has the potential to house more
than 4,600 residential homes.
"Our group of seasoned real estate investors and
managers are very excited to be a part of this thriving Metroplex
community," said Patrick Sessions, a managing director with the investment
group, in a written statement. "We plan to enhance the community even
further by adding a new amenity center, making some improvements to the current
center and improve on-site signage and reinvigorate the marketing
program."
Dallas-based Provident Realty Advisors will manage the
community's day-to-day operations. United Development Funding provided the
financing the land acquisition and project development.
The master-planned community includes an amenity center,
oversized gourmet kitchen, media and conference room, outdoor patio, fitness
facility and children's play area. Woodcreek includes a community lake, sports
field, splash park and pool and two elementary schools.
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