Wheelock Street Capital LLC and Terra Verde Group have acquired Fredericksburg, Texas-based Boot Ranch, a private golf and family community. The seller was Lehman Brothers. No financial terms were disclosed.
FREDERICKSBURG, Texas–(BUSINESS WIRE)–Terra Verde Group, LLC (TVG) in a partnership with Wheelock Street Capital, LLC (WSC) announced today the acquisition of Boot Ranch, a 2,052-acre private master-planned community located in Fredericksburg, TX, from Lehman Brothers.
The acquisition includes Estate and Cabin home sites, a 55,000 square foot members-only clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole Hal Sutton designed championship golf course, and a 34-acre golf practice park and executive par-3 course.
“The Texas Hill Country is a coveted second home and retirement destination, and Boot Ranch is the prime private-club residential offering for this market,” said Dan Green, Wheelock principal and head of land acquisitions. “With an infusion of new capital into this already remarkable property, there is significant potential to attract new residential members from throughout the state and beyond.”
Terra Verde Group founding partner Craig Martin said his firm was attracted to the property because it was hands down the best private golf community in the state of Texas. “Boot Ranch is the finest, most desirable community in the Hill Country,” said Martin. “Not only does the property boast the most beautiful views and the highest quality amenities but the area is surrounded with great wineries, restaurants, shops and outdoor activities.”
The new ownership group is set to begin immediately with a regional marketing outreach for the property. “Boot Ranch is an exciting high-end lifestyle real estate project within our strongest market, Texas,” said Mark Enderle, partner with Terra Verde Group. “Our successful and sound approach to structured property releases along with our substantial experience in the marketing and selling of amenity-rich, lifestyle communities make Boot Ranch a good fit for our company.”
A limited property release of estate home sites and luxury cabins will occur immediately and special purchase incentives will be offered through September on these properties. Additional amenity enhancements and new residential property offerings are scheduled for 2016.
About Boot Ranch
Boot Ranch is the Texas Hill Country’s finest private golf and family community nestled on more than 2,000 picturesque rolling acres. The master-planned retreat located in the heart of Texas wine country offers a variety of luxury residential options and the clubhouse features expansive vistas, a spa, bar, casual and fine dining. Featuring a PGA champion Hal Sutton-designed golf course, Boot Ranch has been ranked among the “Top 10 in Texas” seven times by The Dallas Morning News. Visit www.bootranch.com or call (830) 997-6200.
About Terra Verde Group
Terra Verde Group, LLC, (tvgllc.com) is a real estate investment firm focused on the purchase of opportunistic residential real estate assets. Its principals have decades of combined experience in investments and development in the real estate marketplace and account for more than $6.5 billion of sales in real estate product.
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. TVG has over 30,000 units in Texas, Tennessee, Arizona and California currently in active development including the Lifestyle residential communities of The Grove (College Grove, TN) and Windsong Ranch (Dallas, TX).
The TVG Partners have experience in resort communities including the Ritz-Carlton Residences and Golf Club at Dove Mountain (Marana, AZ), The Landmark Golf Co. (CA), Angel Fire Golf Club (NM), Carlton Woods (Houston, TX) and Desert Mountain (Cave Creek, AZ).
About Wheelock Street Capital: Wheelock Street Capital manages $1.4 billion of cumulative equity capital invested primarily in hospitality, residential land, and homebuilding assets.
Rick Kleeman and Jonathan Paul, two veteran private equity investors, founded the firm in 2008. Kleeman was previously head of acquisitions at Starwood Capital where he oversaw the growth of Troon Golf into the premier high-end golf course management company, was involved in all of Starwood’s residential land and resort activities, and led the acquisition of Westin Hotels & Resorts and Le Meridien Hotels & Resorts. As Managing Member at Westbrook Partners and Rockpoint Group, Paul completed investments in luxury resort communities including Kukio Golf & Beach Club (Hawaii), Mirabel (Scottsdale, AZ), Vaquero Club (Westlake, TX) and Mountaintop Golf & Lake Club (Cashiers, NC).
Since April 2010, Wheelock has closed on properties containing more than 24,000 residential units, and is actively developing master-planned communities and mixed-use projects in Florida, North Carolina and Texas.