SunCal, an Irvine, Calif.-based residential development company, recently closed a deal on the 758-acre ShadowGlen master-planned community in Manor, an eastern suburb located just 14 miles from Austin’s city center. The buyer paid $15 million for the partially developed community, which dates back to 2003.
Until the time of sale, 850 lots had been developed and more than 700 homes had been sold, as SunCal stated in a news release. Additionally, a four-acre water park and state-of-the-art recreation center have been completed, along with infrastructure throughout the property. The seller is 2010 ShadowGlen LLC, a partnership between Dwyer Realty in Manor and MHI Partnership Ltd. in Austin.
The new owner is expected to finish the project, which should have 3,000 homes, ample parkland and walking trails when complete. Land Advisors Organization in Austin handled the $15 million transaction.
“We’re very pleased to acquire this exceptional development in the Austin market, which is one of the fastest-growing areas in the nation,” declared Randy Teteak, SunCal executive vice president. This is the company’s first acquisition in Austin but not the last, as it appears SunCal is currently looking for additional investment in the metro area, as well as other metros throughout the United States.
In fact, the company finished 2012 with a $19.8 million purchase of a 208-acre master-planned community in North Las Vegas.
“We adopted the philosophy that now is the time to buy land—a generational opportunity to acquire,” said Brad Shuckhart, vice president of land acquisitions at SunCal Companies. “We think we’re on the precipice of a real recovery and a pickup in demand for new homes.”
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