Trinity Falls gets acquired

Mckinney’s Trinity Falls – the largest master-planned development in Collin County that was formerly owned by Castle Hills Partners  – has been purchased by Houston-based Johnson Development Corp. and Tricon Capital Group Inc.

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Highlights:

• 1,700-acre community.
• Build out to have approximately 4,000 new homes along with retail and commercial space.
• New, single-family homes starting in the mid $200,000.
• Homes by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.
• Trinity Falls has delivered over 700 lots to homebuilders since August 2014 and is projected to deliver an additional ~3,200 lots over the next ten years, as well as 1 million sq. ft. of retail/commercial space.

Project:

The project is initially being capitalized with a $74 million contribution from Tricon and in place development financing. Trinity Falls will be developed by The Johnson Companies LP (“Johnson”) and is the fifth investment made by Tricon alongside Johnson. Similar to prior investments in Cross Creek Ranch (Houston MSA) and Viridian (Dallas-Fort Worth MSA), the business plan will entail the continued development of the community with Tricon benefiting from in-place contractual lot sales revenues, development management fees and asset management fees from the project.

Larry D. Johnson is President and CEO of The Johnson Development Corp. Gary Berman is Tricon’s President and CEO.

Trinity Falls families attend schools in McKinney Independent School District.