Transcontinental Wraps Up Purchase of 1,400-Acre Dallas Mixed-Use Project
- Sep 16, 2008
A 1,400-acre master-planned development 20 minutes east of Downtown Dallas has come under new ownership and new plans for the project have emerged. Transcontinental Realty Investors acquired Travis Ranch, which is already under development along Lake Ray Hubbard, from IHP Capital Partners. Located off Highway 80, Travis Ranch existed just a few years ago as a full-fledged ranch owned by former Texas Governor Bill Clements, whose home is still on the site. Transcontinental is planning to erect a regional shopping center and a multi-family residential community on a portion of the property centering on a natural lagoon. The commercial and multi-family segment will consist of mid-rise, mixed-use and condominium buildings, and entertainment venues are likely to pop up along the waterfront, as well. Transcontinental has partnered with Centurion American Development Group to finish build-out of the Travis Ranch’s single-family home component. Under IHP, Horizon Homes, Kimball Hill Homes and Ryland Homes had been responsible for single-family home development. Transcontinental is a division of Dallas-based Prime Income Asset Management, a real estate management firm and advisor to the energy sector. The company has a portfolio of owned, developed and managed commercial real state projects valued at over $4.5 billion. Headquartered in Irvine, Calif., IHP is a leading investment firm that provides equity financing for for-sale residential endeavors throughout the United States. Along with its investment partners, the company has produced residential communities with an aggregate value exceeding $18 billion.