RSI Communities LLC, a California- and Texas-based homebuilder and developer, today announced its purchase of Stillwater Ranch, a master-planned community in San Antonio, from Wheelock Street Capital. Through the agreement, RSI takes on the roles of developer and homebuilder and is expected to build 780 new single-family homes on the remaining undeveloped land in the community.
Located on 830 acres in northwest San Antonio, Stillwater Ranch features an amenity center with a 6000 sq. ft. pool, fitness room, lighted tennis and basketball courts, shaded playground, a four-mile trail system, and a top-rated elementary school. Six homebuilders are currently offering new homes from the low $200,000’s to mid $400,000’s. RSI will continue relationships with the community’s existing builders to complete the projected final buildout of 2,300 homes.
New home sales began in Stillwater Ranch in 2007. Wheelock Street Capital acquired the community in early 2011 and has since repositioned the community, and developed more than 1,000 lots which have been sold to regional and national production homebuilders. In 2015 the real estate research firm Metrostudy ranked Stillwater Ranch the #1 selling community in San Antonio, and #23 in the nation, based on closings.
“Stillwater Ranch has been one of our company’s most successful master-planned communities,” said Mike Rafferty, Wheelock’s regional partner for Texas. “All of our builders have enjoyed excellent sales velocity over the past five years and we expect that trend to continue with RSI until the community is completed.”