NewQuest Properties has arranged the sale of the balance of vacant developed lots in Stone Creek Ranch, a resort lifestyle community in northwest Houston, to D.R. Horton Houston.
The 123-lot transaction will be completed in two takedowns, half of which changed hands earlier this month. Dave Ramsey, executive vice president of Houston-based NewQuest Properties, represented the seller of record, Becker Road LP, in direct negotiations with D.R. Horton.
"Despite these challenging times, both parties were committed to the project," Ramsey says. "We are pleased to complete the transaction."
The amenity-rich Stone Creek Ranch is the largest single-family development on the south side of US Hwy 290 in Hockley, located a few miles west of the Grand Parkway/TX 99. Home sales began in 2010 about three years after Ramsey sold 600+ acres of raw land to its developer.
Today, Stone Creek Ranch is a 1,210-lot community with an average home price exceeding $293,000. The development features several lakes, available waterfront lots, parks, walking/jogging paths and a private clubhouse with a resort-style swimming pool and play areas for residents and their families.
"Stone Creek Ranch's proximity to the 290 corridor was the enticing position for us," says Chris Lindhorst, D.R. Horton region vice president. "We are always looking at growth opportunities in our markets and will continue to do so."
D.R. Horton is the largest homebuilder in the Houston area. Stone Creek Ranch will be its closest to 290 and the Grand Parkway, a 180-mile outer loop that's proven to be a development game-changer for every community in its trajectory.
"NewQuest and D.R. Horton mutually believe business can get done under present-day conditions if all parties work together as they did," Ramsey says. "Many other builders are canceling and extending deals at this time. D.R. Horton was able to step up and get it closed."
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
