Monday, April 06, 2015

Japanese builder buys huge North Texas residential community

A Japanese homebuilder and developer has purchased one of the largest new residential communities in North Texas.
A subsidiary of Sekisui House Ltd. acquired  the 1,200-acre Canyon Falls development on the west side of Flower Mound. Terms of the sale were not disclosed.
Started in 2013, Canyon Falls is planned for about 1,750 single-family homes, apartments, shopping and commercial space.
New homes in the community – located on Cross Timbers Drive east of Interstate 35W – are priced from more than $300,000 to more than $500,000.
Sekisui House, which is Japan’s largest homebuilder, acquired the Denton County development from owner Wheelock Street Capital. The sale included another residential project in Colorado.
“These assets allow us to expand our footprint in strategic markets that we believe are among the best in the U.S.,” Satoshi Yoshimura, President and Chief Operating Officer of North America Sekisui House said in a statement. “We see tremendous growth potential in the markets and for the communities.”
Sekisui House will be joined in the developments by California-based American Newland Communities LLC.
Builders have been selling homes at Canyon Falls since last summer. Ashton Woods Homes, Coventry Homes, Highland Homes, K. Hovnanian Homes, Toll Brothers Drees Custom Homes and Ryland Homes sell houses in the project.
Steve Brown, The Dallas Morning News