Oct 16, 2013, 1:28pm CDT   

DEVELOPMENT GROUP BUYS LARGE TRACT NEAR ROCKWALL

Michael Samples

The development group purchased the large tract of land in Fate for residential and commercial projects, which could attract companies to the site near Rockwall.

Candace Carlisle

Staff Writer- Dallas Business Journal

A group of undisclosed investors through Southstar Woodcreek Developer LLC has bought a large 850-acre tract of residential and commercial land within the Woodcreek master-planned community in Fate, a suburb about 35 miles east of Dallas.

The tract of land was the last remaining undeveloped piece within the community. Terms of the land deal were undisclosed. Andrew Prine of Stratford Land brokered the deal.

Southstar plans to continue developing tracts to regional and national homebuilders. Currently, the master-planned community has more than 1,500 homes. The Woodcreek development has the potential to house more than 4,600 residential homes.

“Our group of seasoned real estate investors and managers are very excited to be a part of this thriving Metroplex community,” said Patrick Sessions, a managing director with the investment group, in a written statement. “We plan to enhance the community even further by adding a new amenity center, making some improvements to the current center and improve on-site signage and reinvigorate the marketing program.”

Dallas-based Provident Realty Advisors will manage the community’s day-to-day operations. United Development Funding provided the financing the land acquisition and project development.

The master-planned community includes an amenity center, oversized gourmet kitchen, media and conference room, outdoor patio, fitness facility and children’s play area. Woodcreek includes a community lake, sports field, splash park and pool and two elementary schools.

Candace covers commercial and residential real estate and sports business.