Arlington’s Viridian community, one of the largest residential developments in North Texas, has been purchased.
The Johnson Development Corp. and Tricon Capital Group Inc. have purchased the 2,083-acre site located just west of State Highway 360 along the Trinity River from Cross Harbor Capital Partners of Boston. Terms of the sale were not disclosed.
“Viridian aligns with our core value of developing inspirational master-planned communities,” said Larry D. Johnson, president and chief executive officer of The Johnson Development Corp. of Houston. “We’ve had our sights set on the D-FW market for quite some time and without question, Viridian is the perfect fit for us.”
One of the nation’s largest infill master-planned communities, Viridian has approximately 1,000 lots have been contracted to be sold to 10 national and regional homebuilders, of which approximately 700 sales have already closed.
Viridian plans to add a 10,000 square-foot event center, a sailing center managed along with the city of Arlington, an adult pool, event lawn, two tennis courts and a basketball court as part of the Viridian Lake Club’s second phase.
Johnson in involved in several master-planned communities includes 14 currently under development: 13 in Houston and one in Atlanta. Tricon Capital is a principal investor and asset manager focused on the residential real estate industry in North America with a market capitalization of $1.1 billion and approximately $2.5 billion of assets under management.
“Our new ownership will ensure Viridian’s continued success as one of north Texas’ premier master-planned communities,” said Viridian General Manager Robert Kembel. He said Viridian’s management team and master plan will remain intact.