CYPRESS — Long-time Houston developer Land Tejas has acquired 856 acres in Cypress for development of a future master-planned community.
Land Tejas closed on the property Sept. 25. It is located north of FM 529, west of Fry Road and east of The Grand Parkway in northwest Harris County.
Financing for acquisition and development was provided by Trez Capital. CBA Land Capital LP is the equity partner with Land Tejas for the purchase.
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“Demand for homes in the Cypress area has been phenomenal,” said James Henrie, Chief Operating Officer of Land Tejas. “This will be our fourth master planned development in the area following the success of our Stone Gate, Canyon Lakes West and Miramesa communities.”
Henrie said approximately 2,500 homes are planned once development is complete. A name for the community has not yet been announced. The first phase of lots are slated to be delivered in 2021.
“We are pleased to provide the financing to Land Tejas for the acquisition and development of this property, which is in a thriving area of Houston,” said John Hutchinson, President, central and southwestern U.S., Trez Capital. “Cypress is home to range of industries, from healthcare to manufacturing, and was recently named one of the top cities for recent college grads. Residents of this new project will also have easy access to the major employment hubs of Katy, the Energy Corridor, the Galleria and Downton Houston.”
Land Tejas communities have continuously been ranked among the top-performing communities in the nation including Miramesa in Cypress and Harmony in Spring, which was recognized for the third consecutive year as one of the nation’s 20 top-selling communities by research firm Robert Charles Lesser & Co. (RCLCO) and John Burns Real Estate Consulting.
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