Hines to Develop Master-Planned Community in Austin

Trez Capital, Caravel Ventures and Sumitomo Forestry to partner with Hines in development

(AUSTIN, TX) – Hines, the international real estate firm, along with partners, Trez Capital, Caravel Ventures and Sumitomo Forestry, announced today they have closed 1,400-acres in Southeast Austin to be developed into Mirador, a master-planned community.

Mirador will consist of 2,500 single-family lots, 50 acres of multi-family and townhomes (including attached, detached, duplexes, quadplexes) and 75 acres of commercial land. The development will continue a partnership with Gehan Homes and Lennar Homes, add David Weekley Homes, Highland Homes, MHI Homes, and will bring on more builders to in the future. Conveniently located off the 130 Toll and Highway 71, the community offers a suburban ambiance with easy access to the new Tesla Gigafactory, the Circuit of the Americas Formula One racetrack, as well as all the local restaurants, parks, live music venues and other attractions Austin offers in under 15 minutes. Plus, residents can make use of the convenient on-site amenities, such as the 60-acre lake, over 600-acres of greenbelt, community parks, extensive trails and swimming pool.

“As Austin continues to grow into the tech epicenter of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest,” said Dustin Davidson, managing director at Hines. “Mirador will be critical in providing more options for Austin’s growing population and we are excited to work alongside our partners given they each provide a unique and valued perspective in single-family development.”

Hines has over 64 years of development experience in Texas and has nearly two decades of experience developing single-family communities. Since 2005, 20 communities and over 10,000 lots have been completed to date with over 20,000 additional lots currently under development in 26 different communities across our Southwest region.

Construction on new Mirador homes is expected to begin in 2022 and home sales will begin in 2023.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.