PROSPER, Texas and MINNEAPOLIS–(BUSINESS WIRE)–VÃ¤rde Partners and Texas real estate developers Craig Martin and David Blom today announced their joint acquisition of Windsong Ranch, a planned community in Prosper, Texas, from a subsidiary of the Terra Verde Group. Messrs. Martin and Blom, the original developers of Windsong Ranch, have partnered with VÃ¤rde to form a new property development company, Tellus Group, to continue to lead the project. Tellus Group is now looking to build on the momentum established at Windsong Ranch, including the completion of the community’s new Crystal Lagoon leisure attraction.
âIn a vibrant real estate market with consistently strong job growth, Windsong has experienced strong demand and is now one of the most desirable residential locations in the greater Dallas metro area,â said Mr. Martin, President of Tellus Group. âGiven our years of experience with the project, we are delighted to partner with VÃ¤rde to acquire and bring it to fruition. With the formation of the Tellus Group, we are also now positioned to find similar high quality projects to invest in.
Windsong Ranch is a planned, award-winning 2,030-acre development located at 1001 Windsong Parkway South, just 2.5 miles west of Dallas North Tollway on the north side of U.S. Highway 380. About a quarter of its homes planned are currently occupied or completed. Tellus Group will oversee the development of the remaining area until the project is completed.
Setting a new standard in the Dallas market, Windsong Ranch will be the first development in North Texas to offer a Crystal Lagoon. Scheduled to open in the spring of 2019, the facility will feature a five-acre, man-made, crystal-clear, turquoise-blue freshwater lagoon, creating a beach lifestyle with water sports and white-sand beaches. Additionally, Windsong Ranch offers two swimming pools, a cafe, mountain biking trails, disc golf course, tennis and basketball courts, several fishing lakes, a community garden, 600 acres of open greens connected by 30 miles of walking trails, an event lawn, dock and amphitheater.
âWe are thrilled to partner with two local experts with deep market experience as we expand our real estate portfolio to include a premier planned community in Texas,â said Brendan Bosman, managing director of VÃ¤rde Partners responsible for the US real estate investment “We have been investing in residential real estate developments for over 10 years and look forward to pursuing additional opportunities with Tellus Group in the future.”
“The popularity of Windsong Ranch has been instrumental in the development of Prosper,” said Mr. Blom, Partner at Tellus Group. âOur new partners share our vision to continue this growth and success and to invest in similar projects. We will seek other opportunities of this magnitude where we can apply the same quality standards and concepts to other parts of Texas and the country.
When complete, Windsong Ranch will include 3,100 single-family homes and 150 acres of mixed-use development along U.S. Highway 380. Homes range from $200,000 to over $1 million and range from villas to single-family homes on 61′ – Lands of 86′. Builders include: American Legend Homes, Belclaire Homes, Britton Homes, Chesmar Homes, Darling Homes, Drees Custom Homes, Grenadier Homes, Highland Homes, Huntington Homes and MainVue Homes. The models are open daily for tours.
Windsong Ranch is 35 minutes from downtown Dallas, 30 minutes from DFW Airport and 40 minutes from Dallas Love Field. The main shops are just outside the entrance to the community.
For more information on Windsong Ranch, please visit: http://www.windsongranchliving.com
About the Tellus Group
Tellus Group, LLC, is a real estate investment firm focused on opportunistic residential and mixed-use development real estate assets. Its leaders have decades of combined investment and development experience in the real estate market. Tellus Group seeks to deliver risk-adjusted rates of return that build and maintain investor confidence throughout the investment cycle. Tellus creates value by designing and executing smart, disciplined and proactive management and capital strategies, while adhering to the core values ââit shares with its partners.
About Varde Partners
VÃ¤rde Partners is a nearly $14 billion global alternative investment firm that uses a value-based approach to investing across a wide range of geographies, segments and asset types, including specialty finance, real estate, corporate credit, mortgages, energy, real estate assets and infrastructure. . The firm sponsors and manages a family of private equity funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. . Now in its third decade, VÃ¤rde employs over 300 people worldwide with regional headquarters in Minneapolis, London and Singapore.