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.
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