(HOUSTON) – Hines, the global real estate investment manager, has acquired nearly 3,000 acres near Katy, Texas, and Fulshear, Texas, to be developed into an expansive master-planned community, making it one of the firm’s largest land purchases for single-family development. The site is located at the corner of Westpark Tollway and the Texas Heritage Parkway which bisects the tract.
The development will consist of more than 7,000 homes with a variety of lot sizes and numerous estate lots to accommodate diverse preferences. Hines has partnered with multiple best-in-market builders to acquire this land, including Toll Brothers, Perry Homes, Highland Homes, Village Builders/Lennar, Dreamfinder Homes/Coventry Homes, Westin Home , Newmark Homes, and Beazer Homes. Construction is expected to begin in early 2025, with the first lots delivering in 2027 and homes from builders to follow thereafter.
“This submarket has been ranked the second-fastest growing city in the U.S. for the last two years, making it a prime market to deliver high-quality and unique housing options,” said Rob Witte, Senior Managing Director, Head of Residential Land Development and Self-Storage, Americas, Hines. “This is a once-in-a-lifetime piece of land, and we worked tirelessly with our builder partners to ensure we had the opportunity to build what is one of the best sites in Texas.”
Amenities in phase one are expected to feature a five-acre recreation center with a resort-style water feature, a large playground, clubhouse, and other top-tier amenities. Additionally, well-designed hiking and bike trails will be incorporated throughout the community alongside over 800 acres of natural oxbow lakes, greenspace, and mature trees. The development has immediate access to major thoroughfares and excellent schools and is a short commute to Houston’s major employment hubs, including Sugar Land, the Energy Corridor, Texas Medical Center, and Downtown Houston. Hines will also be responsible for the completion of the Texas Heritage Parkway Parkway from its current terminus at Westpark Tollway to the Southern boundary at Winner-Foster Road.
Hines has over 65 years of development experience in Texas and nearly two decades of expertise in developing single-family communities. Since 2005, the firm has completed 26 communities across the southwest, with 13 currently under construction. Houston communities include Brookewater, Creekhaven, Raburn Reserve, Grayson Woods, Somerset Green, Laurel Glen, and Wildrye, which recently started construction.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.0 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 67-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
ÂąIncludes both the global Hines organization and RIA AUM as of June 30, 2024.
