RESIDENTIAL INVESTMENT LEADER RESMARK ANNOUNCES FIRST PROJECT IN SAN ANTONIO MARKET, CONTINUING TEXAS EXPANSION
- Joint Venture Investment with Texas Development Companies Johnson Development Services and Heartwood Development Company
- M/I Homes Contracts to Purchase 128 Finished Lots in Phase I
The Resmark Companies, a leading private equity real estate firm, is entering the San Antonio residential market with a joint venture investment in the development of 398 single-family home sites in Westpointe North. Resmark is partnering on the project with Johnson Development Services and Heartwood Development Company, both well-established Texas land development companies.
The finished lots will be sold to third-party homebuilders who will construct single-family homes on the sites and then sell them to homebuyers.
The first 128 lots are contracted to be sold to publicly-traded homebuilder M/I Homes (NYSE:MHO). Site development for these lots is expected to begin this spring, with first lots scheduled to be purchased by M/I in 1Q 2020.
Located in the Culebra Road/FM 1604 area of northwestern San Antonio, Westpointe North is an excellent residential location with direct access to downtown and San Antonio International Airport. Homeowners are drawn to its superior Northside Independent School District including the district’s new School of Science and Technology. Retail and entertainment venues abound nearby as do major employment centers.
Johnson Development Services, a subsidiary of Johnson Development Corporation based in Houston, will act as the project’s General Manager and Heartwood Development Company of San Antonio will serve as its Development Manager. Johnson Development Corporation and its subsidiaries have a successful track record in large-scale master plan development throughout the United States, while Heartwood is a highly-regarded residential land development firm based in San Antonio with extensive experience in the central Texas region.
“We are thrilled to plant our first flag in San Antonio, one of the fastest growing cities in the country that has shown impressive employment gains over the past several years,” said Michael Zarola, Senior Vice President of Investments for Resmark’s Land and Housing division. “This is a remarkably young city demographically, with a potential for ever-increasing housing demand. We look forward to many more investments here.
“Johnson Development and Heartwood are among the finest development organizations in the market, and this investment at Westpointe North shows that the sum is greater than its parts,” Zarola added.
Michael Cox of Johnson Development Services noted, “Resmark has a solid reputation for performance and integrity. Its values align well with ours and we are pleased to be a partner in Resmark’s first San Antonio investment.”
Added Heartwood’s Scott Teeter, “Each of our companies brings a unique expertise to the project that ultimately adds significant value. We believe this fundamental investment in the land will benefit generations to come.”
Westpointe is a 3,000-acre mixed-use community in San Antonio’s west side with developments by major regional and national companies. The Westpointe North community will consist of a total of 818 single-family lots at buildout, as Pulte Home will develop and build 420 homes in addition to the 398 lots that the joint venture encompasses.
Resmark entered the Texas homebuilding market in February 2018. In addition to Westpointe North, Resmark has joint venture investments underway in Austin and Dallas.