Canadian Capital Hopes for Greener Pastures at Viridian
- Jul 24, 2015
By Liviu Oltean, Associate Editor
A joint venture formed by Houston-based Johnson Development Corp. and Toronto-based Tricon Capital Group Inc. has kept busy in Texas, having recently closed on Viridian, a 2,083-acre master-planned community in Arlington.
The community was acquired for $141.4 million, of which $25.4 million represented Tricon’s investment and $116 million Johnson Development’s. At build out, the community will feature approximately 3,500 homes and more than 1 million square feet of commercial space.
Located 20 miles west of downtown Dallas, 15 miles east of downtown Fort Worth and four miles south of DFW International Airport, the community is in close proximity to some of the region’s largest employment centers. Its amenities include a 274-acre lake; more than 17 miles of nature trails; an 18-hole golf course; a community center; a swimming complex; and a recently opened elementary school.
“Viridian is an exquisitely planned, cash-flowing community located in one of the strongest housing markets in the United States,” said Gary Berman, Tricon’s president & CEO, in a prepared statement. “As Tricon’s fourth investment with the Johnson Development Corp. and the first since our strategic investment in the development manager last year, the acquisition of Viridian represents an ideal opportunity to expand our geographic market coverage to include DFW and to leverage Johnson’s relationship with national and regional homebuilders.”
Image courtesy of Tricon