Newland Communities has purchased 500 acres in Williamson County, with plans to create its a 1,400-plus home master-planned subdivision in Central Texas as demand for housing surges on the region’s job and population growth.
Newland plans the development near Ronald Reagan Boulevard and Texas 29. It have about 1,455 single-family homes, 167 acres for recreational amenities, parks and open space, plus a clubhouse, fitness center, swimming complex and space for an elementary school and daycare center.
Situated in an unincorporated area of Williamson County and the Liberty Hill Independent School District, the community will have a variety of homebuilders, home styles and price ranges. The first models are expected to be ready by spring 2014.
“The scenic beauty of the land and the strategic location on Ronald Reagan Boulevard, combined with the strong fundamentals of the Austin economy, make this an exciting opportunity to create a premier master-planned community,” said Bill Meyer, general manager of Newland’s Austin division.
The land was purchased in a joint venture between Newland Real Estate Group LLC and North America Sekisui House, Japan’s largest homebuilder. The seller was Rancho Sienna KC LP, based in Leawood, Kansas. The purchase price was not disclosed.
Other Sekisui-Newland communities include the 1,550-acre Teravista subdivision in Round Rock and the 700-acre Falcon Pointe development in Pflugerville.
The 500 acres includes 158 lots, 100 of which already had homes built on them, said Vaike O’Grady, Newland’s marketing director.
The purchase, along with other new acquisitions in Texas, will expand Newland’s presence in the state, where it has built 25,854 single-family homes since 1993.
“Austin continues to be one of the top markets nationally for job growth, and it is one of only a handful of major U.S. metropolitan areas that have regained all of the jobs lost during the recession and are now adding new hobs at a very healthy rate,” said Ted Nelson, president of Newland’s Central Region.
Eldon Rude, a Central Texas housing market expert, said Newland’s latest purchase is in an area primed for growth.
“As residential and commercial development continue to push further to the northwest, we will begin to see more homes being built near the intersections of Ronald Reagan Boulevard and Texas 29, as well as U.S. 183A and Texas 29,” Rude said.
He said the area is appealing to prospective home buyers due to its location, school districts (Leander, Liberty Hill and Georgetown), and the Hill Country terrain. Rancho Sienna’s access to water and sewer “made the property far more desirable to Newland than other large tracts in this area that do not currently have access to utilities.”
Mark Sprague, another local housing expert, said that in the past year, the value of land with future lot development potential in that area has jumped more than 30-plus percent because of increased housing demand
“With the current and future demand remaining strong for 3 to 5 years, Newland should have great success,” Sprague said.