Wheelock acquires Sweetwater in Austin, TX

Monday November 22, 2010

Wheelock Street Capital announced today the acquisition of the Canyons of Sweetwater, a 1,400 acre-master planned community located in Austin TX. Wheelock anticipates developing approximately 1,500 residential lots on the property as well as commercial parcels along several miles of Highway 71 frontage. The property was acquired from an affiliate of Kansas City based Bank Midwest and a consortium of other lenders.

The Canyons of Sweetwater is located in the desirable Hill Country, about 20 miles west of downtown Austin. The community is in the top-ranked Lake Travis Independent School District, one of the best in Texas. A healthy local economy and strong demand for new homes in this submarket has helped other master-planned communities nearby, including Falconhead West and Steiner Ranch, approach full build-out. To meet robust public and private home builder demand for lot supply in the submarket, Wheelock anticipates moving forward with development and sales to builders within the coming months. The community will offer a wide range of single family housing options starting around $250,000, with custom home options in excess of $1 million.

Wheelock principal and head of land acquisitions Dan Green said of the transaction, “We are very pleased to add this property to our portfolio. We consider this acquisition to be “best in class” among future master-planned communities in Austin. This transaction is exemplary of our land investment strategy of owning well-located real estate in markets with significant long term growth potential.”

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