A partnership of The Johnson Development Corp. and Tricon Capital Group Inc. has purchased the McKinney master-planned community of Trinity Falls, the largest master-planned development in Collin County.
Johnson Development and Tricon purchased the 1,700-acre community from Castle Hill Partners, an Austin private investment firm. No price for the transaction was released.
Upon full buildout, Trinity Falls will offer approximately 4,000 new homes along with retail and commercial space. Since its grand opening in 2014, the community has sold close to 700 home sites to regional and national homebuilders. There are currently about 300 completed new homes.
“Trinity Falls is an established master-planned community with a proven track record in a dynamic, fast-growing market,” said Larry D. Johnson, president and chief executive officer of The Johnson Development Corp. “This was a unique opportunity to acquire one of the region’s premier large-scale master-planned communities.”
This marks the second north Texas master-planned community acquired by Johnson Development and its investment partner, Tricon Capital Group. Last year, the two acquired the Arlington master-planned community of Viridian, an Audubon Certified Gold Signature Sanctuary and one of the nation’s largest infill communities.
In late 2013, Johnson Development and Tricon acquired one of the largest available land parcels within the Greater Houston area, 2,046 acres in north Houston now known as Grand Central Park. In 2012, the two firms partnered in the acquisition of the 3,200-acre west Houston master-planned community of Cross Creek Ranch.
Located near the intersection of Interstate 75 and Highway 380, Trinity Falls includes new, single-family homes starting in the mid $200s by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.
Trinity Falls has more than three miles of river frontage and over 450 acres of open space along the banks of the Trinity River.
Trinity Falls families attend schools in the McKinney Independent School District. Land also has been reserved in Trinity Falls for up to four on-site elementary schools, all part of the McKinney ISD.
Now in its 41st year, Johnson Development is one of the nation’s most active developers of master-planned communities with 16 currently under development. Its portfolio of communities includes 13 in Houston, two in the Dallas Fort Worth Metroplex and one in Atlanta.
Tricon Capital Group Inc. 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 $2.8 billion of assets under management.