A Multifamily Developer Bought a Hill Country Ranch

An Austin multifamily developer is branching out to waterfront ranchland on the Pedernales River.

OHT Partners co-founder and Austin native Craig Hughes bought a 611-acre ranch in Blanco County through an LLC from J. Dan Brown, president of the local, family-owned beverage distributor Brown Distributing Company, according to public records. The sale price is not disclosed. At the time of the sale last month, the ranch was listed for $15.2 million, almost $25,000 per acre.

About an hour west of Austin near Johnson City, the property includes a six-bedroom, seven-bathroom house in the classic Hill Country style with limestone cladding and a corrugated metal roof. In addition to half a mile of waterfront on both sides of the river, the land is also split by Cottonwood Creek, a dammed stream that pools during rainy seasons. The property has four water wells to support the game population and service the home.

Mark Connally with Dullnig Ranch Sales was the listing agent. The firm is owned by Kuper Sotheby’s International Realty agent Robert Dullnig, a leading ranch broker.

The Pedernales ( pronounced perdin-alice) is a popular recreational river in the Hill Country, a region coveted for its scenic views, outdoor attractions and highly rated hunting. An 886-acre ranch near Fredericksburg is on the market for $29.5 million, and a 3,290-acre ranch with a 9,000-square-foot home near Kerrville is asking $49 million. Dullnig has both listings.

Waterfront property in the Hill Country is a magnet for Austin-area wealth; four of the top 10 residential sales last year in Travis County were west of the city on the Colorado River.

The high-fenced property includes native whitetail deer, turkey, hogs and dove, as well as exotic species such as Oryx and Blackbuck antelope, according to the listing.Austin-based OHT Partners is one of the biggest multifamily development firms in Texas. Among its completed projects are the Oak at Katy Park in Houston, the Mustang in Dallas, Eviva at Trinity Mills in Carrollton, and the Perch single-family rental home community in Denton.