Foxgate Capital Plans 451-Home Project North Of Houston

Foxgate Capital scooped up a 1,400-acre tract north of Houston and can move forward on its plans for a large residential community.

The Houston-based firm is part of the private equity conglomerate Fields Cos., which is partnering with Amelia Homes to develop 451 homesites north of FM 1725 and south of state Highway 150 in San Jacinto County, near Willis, the Houston Business Journal reported.

The project, Capital Creek Ranch, is in the planning stage, but construction is scheduled to begin in the second quarter of next year after it secures permits. Houston-based BGE will serve as the engineer.

Homesites at Capital Creek Ranch will range from 1.5 to 3 acres and cost around $80,000. Foxgate will develop the community in phases, and aims to deliver 50 lots approximately every three months.

Foxgate acquired the land that was primarily used for cattle grazing from the Elmore Family Partnership on May 31. The deal allows the family to retain a 50 acre lot on the land it’s owned since 1850. Other terms of the deal were not disclosed.

Capital Creek Ranch marks the first residential development for Foxgate and signals the direction the firm is moving toward. “Our strategy is to buy land in the path of growth and find deals that make sense for the ever-growing population of Houston,” Foxgate CEO Jay Fields told the outlet, and cited that around 125,000 people a year are moving to the metropolitan area.

The firm is also engaged in boat and RV storage, with ongoing projects in Magnolia and Dickinson.

—Quinn Donoghue