Wheelock Street Capital announced today the acquisition of Stillwater Ranch, the #2 best-selling master-planned community in San Antonio. More than 2,300 residential units are planned. The property was acquired in two separate transactions from two lenders, and included a recapitalization with the property's existing ownership group.
Stillwater Ranch is located in northwestern San Antonio, near Alamo Ranch, on Culebra Road off Loop 1604. In 2010 MetroStudy ranked it #2 in the market for single-family housing starts. Home sales in Stillwater Ranch began in late 2007, and to date approximately 270 homes have sold. The investment included significant in-place infrastructure, including an amenity center and over 100 finished lots.
The acquisition marks Wheelock's third investment in Texas, following the Canyons of Sweetwater in Austin in November 2010, and the joint venture investment made with an affiliate of McGuyer Homes Inc of eight communities in Houston, Austin and Dallas in April 2010.