A Los Angeles-based builder and a New York property firm are meeting halfway on a major project in rural Texas.
Los Angeles’ Cypress Equity Investments and New York’s Winter Properties have acquired 38 acres in Celina, TX where they plan to develop apartments and built-to-rent homes. The two real estate companies also plan to open a Dallas office, according to the Dallas Morning News.
The property is in Celina’s Ten Mile Creek master-planned community in Collin County. The land is in a relatively underdeveloped area north of Frisco that could be considered part of Dallas’ northern exurbs.
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Cypress also bought up an additional 30 acres in Celina to develop two multifamily communities. With offices in Denver, Los Angeles, and Chicago, the developer had more than $1.75 billion worth of projects in the development pipeline for 2021 and 2022.
Winter Properties, a related business of Standard Industries, is a vertically integrated real estate firm that “focuses on strategic investments and ventures throughout major urban markets in the U.S.,” according to a spokesperson.
Cypress has hired local real estate executives Brandon Smith and Brad Hagmann to head the new Dallas office.
[Dallas Morning News] – Maddy Sperling