Recent Transactions

 

Since 2009, Terra Verde has purchased finished lots, partially developed master-planned communities, entitled undeveloped raw land and mixed-use projects totaling almost 15,000 acres and 30,000 units in Texas, Tennessee, Arizona and California currently in active development.

Tapestry

Boot Ranch – active development

Master-planned Community Development - Opportunistic Acquisition
(bootranch.com)

Recent transactions closed by the Terra Verde team include Boot Ranch, located in Fredericksburg, Texas. Boot Ranch is the finest private golf and residential lifestyle community in the beautiful Texas "Hill Country”. Boot Ranch began construction at the very end of the last real estate cycle and was purchased from the Lehman Brothers estate.

The Boot Ranch development is centered around the Hal Sutton-designed 18-hole championship golf course, which since opening in May 2006 has been ranked as one of Texas’ “Top 10 Golf Courses” by The Dallas Morning News for the past seven years (#6 in 2014 rankings). Amongst Boot Ranch’s many other 5-star amenities are the 55,000-SF Clubhouse Village – the heart of the community which houses the golf shop, spa, fitness room, dining facilities, expansive locker rooms, and 10 Member Lodge Suites – as well as the Ranch Club, a recently opened 4.5-acre leisure complex that features three heated pools/Jacuzzi, 4,000-SF open-air pavilion, bar/grill, hard-surface tennis court, sport court, children’s play area and men’s/women’s changing facilities.

  • over 2,000 acre private golf club community highlighting estate lots, shared ownership “Sunday houses" and cabin homes
  • 7,250 yard Hal Sutton signature golf course (ranked top 10 in Texas) with an exclusive 22 acre practice facility
  • 55,000 square foot full-service clubhouse village
  • Members lodge unit
  • 4.5 acre Ranch Club pool pavilion
  • Spa and fitness center
  • Tennis and sport courts
  • Trap and skeet range
  • Longhorn lake - fishing and canoeing
  • Community trails

 

Tapestry

Tapestry – currently in pre-development

Master-planned Community Development - Opportunistic Acquisition

This acquisition closed in November 2012, from Bankruptcy estate of R. E. Loans. Tapestry is located in the City of Hesperia, San Bernardino County, California, and lies at the very southern tip of the Victor Valley (and the closest to the LA employment centers), which has averaged single-family home sales absorptions of 2,500 units per year for the last 20 years.

The assets acquired and planned development include:

  • 9,865 acres with an approved Specific Plan for 15,540 residential units.
  • Over 350 acres of commercial and business park development.
  • Significant open space and rolling terrain will provide recreational opportunities.
  • Schools, public safety facilities, and recreational facilities.
  • Excellent access from I-15 via a new $92,000,000 interchange and improvements to Ranchero Road access currently under construction and scheduled to open at the end of 2014.

 

Windsong

Windsong Ranch – active development

Master-planned Community Development - Opportunistic Acquisition
(windsongranchliving.com)

This acquisition closed in May 2012 and was made possible by the decision of Forest City to strategically exit the land development business. Formerly known as “Three Stones” or “Mahard Ranch”, this tract is fully entitled and development is underway. The project is located on the west side of Prosper, 2 minutes west of the Dallas North Tollway, and is squarely in the established path of growth in the far north Dallas Market.

Windsong Ranch is a master planned residential lifestyle community featuring:

  • over 2,000 acres planned for 3,500 single-family units, 300 multi-family units, 300 townhome units, and over 200 acres of commercial use.
  • Approximately 600 acres of open space and rolling terrain will provide recreational opportunities that are rare in the area.
  • Three (3) school sites, which are within the Prosper ISD.
  • Full-scale amenity centers, which will include aquatics as well as fitness and a neighborhood café.

Recognition and Awards received to date:

  • Master Planned Community of the Year - 2015 McSam Award (Dallas Builders Association)
  • Best Welcome Center - 2015 McSam Award (Dallas Builders Association)
  • Best Signage - 2015 McSam Award (Dallas Builders Association)
  • Best Real Estate Deal of the Year / Single Family / Master Planned Community - 2015 Dallas Business Journal
  • Best Master Planned Community - 2015 "The Nationals" Silver Award (National Association of Homebuilders)
  • Best Welcome Center - 2015 "The Nationals" Silver Award (National Association of Homebuilders)
  • Best Signage - 2015 "The Nationals" Silver Award (National Association of Homebuilders)
  • Best Master Planned Community Concept - 2013 McSam Award (Dallas Builders Association)
  • Best Logo - 2013 McSam Award (Dallas Builders Association)

Construction on off-site utilities was initiated in September 2012. The first phase of lots and completed model homes were delivered in early 2014. Active builders in Windsong Ranch include: Chesmar Homes, Darling Homes, David Weekley Homes, Drees Custom Homes, Highland Homes, and Huntington Homes. Amenities featured in the first phase: welcome center, community cafe with indoor and outdoor seating with free WiFi, lap pool, resort-style pool, cabanas, and kids’ spray park, fitness facility, tennis courts, amphitheater, covered outdoor living area with oversized fireplace, children’s play area, The Esplanade, 2-acre lake, miles of interconnected hike and bike trails, acres of parks, wide open spaces, lakes, and creeks. The second phase will include disc golf and dog park.

 

Grove

The Grove - active development

Master-planned Community Development - Bankruptcy Asset Purchase
(groveliving.com)

Recent transactions closed by the Terra Verde team also include Laurel Cove (renamed “The Grove”), located in Williamson County, Tennessee. The Grove is a master planned golf and residential lifestyle community located south of Nashville, Tennessee that began construction at the very end of the last real estate cycle and was purchased from the Lehman bankruptcy trustee.

Development has been underway at The Grove since early 2012.

  • 1,200 acre private golf club community highlighting 800 homesites - estate, custom estate, and villa homes
  • 7,400 yard Greg Norman signature golf course with an exclusive 22 acre practice facility
  • 33,000 square foot full-service clubhouse scheduled to open Memorial Day 2015
  • Spa and fitness center
  • State of the art tennis center
  • World class equestrian center
  • Signature builders: Atkins & Associates Homebuilders, Hidden Valley Homes, Ford Custom Classic Homes, Legend Homes, Stonegate Homes, Tradition Homes, Shane McFarland Construction, & Hatcliff Construction

 

Suncal Pool

SunCal Pool 1a Bankruptcy – “stalking horse” bidder

Master-planned Community Development - Bankruptcy Asset Sale

SunCal Portfolio comprised of three partially-completed residential developments in Calimesa, Bakersfield and Hemet, California, comprised of 5,335 acres of prime developable land including 2,193 lots that had been brought to a blue-topped condition, an 18-hole Greg Norman designed golf course, a community recreation center, elementary and middle schools and a substantial amount of master infrastructure. To date, over $358 million had been spent on the Portfolio by the previous ownership, with nearly $150 million in improvements invested in the ground to date. The Portfolio was originally assembled by SunCal, California’s largest privately held developer of master-planned communities at the time, and after defaulting on a $395 million senior secured credit facility held by Lehman Brothers’ Real Estate Private Equity Group (“LBREP”), the Portfolio was taken back and offered for sale at a deeply discounted price.

TVG was selected to be the "stalking horse" bidder at $60 million and subsequently overbid by an entity controlled by the debtor, which closed the transaction at $71 million. Although not the primary objective, TVG received a “break-up” fee.

Ritz Carlton

Ritz-Carlton Residences and Golf Club, Dove Mountain – closed transaction

Land Development Project, Marana, Arizona
(theresidencesdovemountain.com)

The Residences at The Ritz-Carlton and Ritz-Carlton Golf Club, Dove Mountain, Marana, Arizona. The assets here included:

  • The Residences at The Ritz-Carlton development: high quality lifestyle community of approximately 450 units entitled for various product types, finished lots and model homes. Product offerings include large estate lots, custom homes, paired villas, a condominium development site and development site for a high-end fractional development.
  • The Ritz-Carlton Golf Club: a 27-hole, world-class facility with 45,000 square foot clubhouse, host to the "Accenture" Match Play Championship Tournament.
  • The project enjoys exceptional amenities: The Ritz-Carlton Hotel, Dove Mountain, opened December 2009, 259 room luxury resort hotel with spa, exercise facilities, 3 pools and multiple dining experiences. 26 miles of groomed hiking trails, biking, desert adventure tours, etc.

Landsource

Landsource Bankruptcy Assets – “stalking horse” bidder / closed transaction

Southern California Portfolio of Production Builder Lots

Recent transactions closed by the Terra Verde team include the Southern California finished lots portfolio of the LandSource Communities Development, LLC bankruptcy. TVG was selected to be the "stalking horse" bidder and subsequently closed the transaction. Lazard Freres of New York handled the transaction.

Purchased assets include 423 "finished lots" in 6 communities.

Within months of our acquisition, 116 of the lots were sold for cash and returned 100% of our capital partners’ capital plus preferred return. The lion's share of the balance of the homesites has now either closed or is under option contract to homebuilders.

 

Selected Past Projects

 

Community Land Developments

Master-planned Community Land Developments

Oak Valley Master-planned Golf Community, Beaumont/Calimesa, California

  • 6,741-acre project in Riverside County, California.
  • 54 holes of championship golf
  • 15,000 unit master-planned development
  • Approximately 6,000 homes have been built on the project to date.
  • 5 miles of frontage and four diamond interchanges on Interstate 10
  • This asset was purchased from the FDIC in a "sealed bid" sale.

Master-planned Community Land Development, Ramona, California

4,320 acres in San Diego County in Ramona, California, during the planning and entitlement stage, the project was sold for significant profit to the Nature Conservancy. (nature.org)

Silverleaf, Scottsdale, Arizona (silverleaf.com)

Silverleaf is an exclusive 2,000-acre community bordered by the McDowell Mountains, consisting of approximately 600 homesites. Amenities include a Tom Weiskopf golf course, clubhouse featuring a full-service spa and fitness facilities.

 

Golf Courses

Golf Courses and Golf Communities

The members of the Terra Verde team have designed, constructed, owned and/or operated almost 50 golf courses, the vast majority of which were developed in conjunction with residential and resort land development projects.

Santa Lucia Preserve, Carmel, California (santaluciapreserve.com)

Situated on approximately 23,000 acres of pristine, coastal foothills in the Santa Lucia Mountains, this community includes approximately 300 homesites, averaging 25 acres each, a Tom Fazio golf course, biking and hiking trails, an equestrian facility and clubhouse.

Carlton Woods, The Woodlands, Texas (carltonwoods.com)

This golf community offers both Jack Nicklaus Signature and Tom Fazio Championship golf courses and The Club at Carlton Woods, including clubhouses, spa, and pool.

Desert Mountain, Scottsdale, Arizona (desertmountain.com)

Nestled in the high Sonoran Desert, Desert Mountain includes six Jack Nicklaus Signature golf courses, tennis complex and six clubhouses.

Ocean Club Residences & Marina, Paradise Island, The Bahamas

A 66 unit condominium and Marina project on Paradise Island in the Bahamas. The community is operated in conjunction with the 5-Star Ocean Club Resort.

Lahontan, Lake Tahoe, California (lahontangolf.com)

Lahontan is a 509 unit Family Mountain community featuring a Tom Weiskopf Golf Course, Kids Camp, Spa and Clubhouse located in Lake Tahoe, California.

Additional past golf projects include:

  • Angel Fire Golf Club (New Mexico)
  • La Quinta Golf and Tennis Club (California)
  • Mission Hills Country Club (California)
  • Moreno Valley Ranch Golf Club (California)
  • Oak Quarry Golf Club (California)
  • Oak Valley Golf Club (California)
  • Ocean Course at Kiawah Island (South Carolina)
  • Palm Beach Polo and Golf Club (Florida)
  • PGA West (California)
  • Talega Golf Club (California)
  • The Crosby National Golf Club (California)
  • The Landmark Golf Club (California)
  • The Paiute Indian Resort Golf Course (Nevada)
  • Winchester Country Club (California)

 

Urban

Urban and Mixed-Use Development

CityPlace, Dallas, Texas

CityPlace, a 140-acre land redevelopment project in the area known as "Uptown" in Dallas. This project was purchased from the bankruptcy of the Southland Corporation.

Summerwind Town Center, Calimesa, California
Mixed-use 275 acre "Town Center" project including 1,500 units of high density residential and 1.6 million square foot retail project we are developing a Joint Venture with Forest City Enterprises of Cleveland, Ohio.

Triangle Life Science / Data Center, Research Triangle Park, Raleigh-Durham, North Carolina
This 55-acre land acquisition was an opportunistic purchase of the site of the air quality research facility of the Environmental Protection Agency. After 35 years, a new $300 million home was built for this facility a mile away and the project site was demised for its land development value.

 

Mountain and Ski Area

Mountain and Ski Area

Angel Fire Ski and Golf Resort, Angel Fire, New Mexico (angelfireresort.com)

The Angel Fire Ski and Golf Resort was purchased out of a Chapter 7 bankruptcy. The 22,500-acre development included a ski area, golf course and country club, hotel, homesites, a utility company, property management company, fractional vacation ownership development and undeveloped land. We performed a turn-around through an extensive management and redevelopment program. Capital improvements included two new high speed quad chair lifts, extensive snowmaking equipment, a new ski school building, and remodels of the Angel Fire Resort Hotel, golf course and country club.

The real estate developments are the economic drivers for the project and have been very successful:

  • Homesite development and sales
  • Large estate lots
  • Condominiums
  • Timeshare properties
  • General real estate sales