(HOUSTON) – Hines, the global real estate investment, development, and property manager, along with partners Trez Capital, Caravel Ventures, and Sumitomo Forestry, today announced they have closed on 528 acres in Waller, Texas to be developed into a master-planned community.
Located within Harris County, just beyond Cypress and Hockley, the development will consist of approximately 1,400 single-family homes, varying in lot sizes. The community will feature robust amenities such as a 4.7-acre recreation center with a resort-style pool, a large playground and a clubhouse; hike and bike trails; and over 130 acres of green space. Served by the highly rated Waller Independent School District, plans also include a future onsite school. The first phase of the development will consist of approximately 350 lots and will be built by Highland Homes, Chesmar, Drees, Brightland, Tri Pointe, Ashton Woods and Castlerock Homes. Homes will be an assortment of sizes and styles, with fresh design and innovative craftsmanship.
“Waller is expected to see a major increase in population over the next five years, as growth continues to push northwest and limited vacant land remains in the surrounding submarkets,” said Carson Nunnelly, managing director at Hines. “This poses an appealing opportunity for us to deliver a high-quality master-planned community with diverse product offerings. We look forward to working alongside our partners to meet the demand for high-quality, yet cost-effective housing options in this prime submarket.”
The community is conveniently located just 2 miles north of State Highway 290, offering a suburban ambiance with quick access to Houston’s major employment hubs. Brand new Waller High School and Junior High School, which opened in 2022, is just 1.5 miles south of the site, along with the Waller ISD Sports Complex, which serves all schools within the school district.
“Known for its vibrant economy and strong sense of community, Harris County is the ideal location for this upcoming master-planned community. We are excited to embark on another new venture with Hines and look forward to our continued partnership and the positive impact this new community will have on the area, spurring economic growth and providing much-needed housing options for the growing population,” said John Hutchinson, Co-Chief Executive Officer and Global Head of Origination, Trez Capital.
Construction is anticipated to begin in the fourth quarter of 2023 with the first phase expected to deliver in summer 2025. Bill Byrd of Colliers represented the seller and worked closely with both parties on the transaction.
Hines has over 65 years of development experience in Texas and nearly two decades of experience developing single-family communities. Since 2005, 26 communities have been completed to date across its southwest region with 21 currently under construction. In addition to the new project in Waller, Hines, Trez Capital, Caravel Ventures, and Sumitomo Forestry are currently working on the Brookewater master-planned community in Rosenberg, Texas and the Mirador master-planned community in Austin. Hines has partnered with Trez Capital on numerous projects across the Southwest, including Houston projects such as Somerset Green, Laurel Glen, Grayson Woods, Raburn Reserve and a master-planned community that is currently underway in Brazoria County named Creekhaven.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.
About Caravel Ventures
Caravel Ventures is a private real estate investment company that operates as part of a broader Family Office. Investments can span across all real estate asset classes throughout the United States, including, single family for sale housing, multifamily housing, office, industrial, retail, and self-storage. Other investments may include tax free municipal bonds. The capital investments are made through a variety of products and structures, ranging from debt to equity. To learn more about Caravel Ventures, please visit www.caravelventuresllc.com.
About Sumitomo Forestry Group
Sumitomo Forestry Group is engaged in a range of global businesses related to wood, including forest management, timber and building material manufacturing and distribution, contracting of detached homes and medium- to large-scale wooden construction, real estate development, and wood biomass power generation. In the early 2000’s, Sumitomo Forestry began building homes in Seattle, Washington, followed by a series of equity investments in homebuilders and real estate development, resulting in the company quickly expanding its footprint nationwide. Sumitomo Forestry has remained committed to ongoing research of U.S. housing trends, construction methods and the residential market environment. In the single-family housing business, the company delivers over 10,000 units annually and ranks 9th in the U.S. based on the number of homes closed. For more information, visit http://sfc.jp/english/.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over CAD $5.3* billion in assets under management and has funded over 1,700 transactions totaling more than $17.5 billion CAD since its inception. The Dallas office has funded more than USD $6.2 billion in loans. For more information visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership).