RESIDENTIAL INVESTMENT LEADER RESMARK PARTNERS WITH JOHNSON DEVELOPMENT SERVICES & HEARTWOOD DEVELOPMENT COMPANY ON SECOND SINGLE-FAMILY LOT DEVELOPMENT PROJECT IN SAN ANTONIO
New Community Willow Point, in East San Antonio, to Include 430 Home Sites
The Resmark Companies, a leading private equity real estate firm, is making its second capital investment in the San Antonio residential market in partnership with Johnson Development Services and HeartwoodDevelopment Company to develop 430 single-family home sites in East San Antonio. The finished lots will be sold to national homebuilders Pulte and M/I for construction of single-family detached homes.
To be called Willow Point, the community will sit on 120 acres of currently vacant land. It will be developed in multiple phases with the first phase of 107 lots projected to start site development in fall 2019. First home site sales to homebuilders are anticipated in summer 2020. Subsequent phases of development will commence to coincide with demand from homebuyers, which assuming current market conditions, will result in final lot closings in spring 2025.
Located eight miles east of downtown San Antonio near H-E-B’s planned 1.6 million square foot distribution and manufacturing center on its recently acquired 871-acre site, Willow Point offers direct access to all major employment centers in the greater San Antonio metropolitan areas as well as to San Antonio International Airport via Interstate 10 and Interstate 410 Loop. Future homeowners will find a myriad of services including grocers, restaurants and shops within a few miles along Foster Road.
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.
“Willow Point will offer homebuyers great value in a growing suburban location with excellent access to employment hubs and close proximity to services and retail,” said Resmark’s Michael Zarola, Senior Vice President of Investments. “As a capital partner, we value long-lasting relationships with exceptional local developers and are delighted to again collaborate with Johnson and Heartwood. They have deep roots in Central and South Texas and know San Antonio well,” Zarola pointed out.
In its first venture partnership, Resmark, JDS and Heartwood currently are developing 398 single-family home sites in Winding Brook, a new community on the West Side of San Antonio.
“In addition to its culture and dynamic economy, San Antonio is the most affordable of the four Texas Metropolitan Areas and is experiencing significant growth, particularly in the age cohort of first-time homebuyers, 29-34,” noted Zarola.
“Resmark continues to bring dedication to detail, and a relationship-orientation to our first project as partners in San Antonio,” said Michael Cox, President, JDS Companies of the Winding Brook development partnership. “We are pleased that our new joint venture will benefit from that same level of commitment and look forward to working together on the development of additional communities.”
“The team of Resmark, JDS and Heartwood is greater than the sum of its parts,” said Scott Teeter of Heartwood Development Company. “San Antonio is an ideal market for our collaboration, and Willow Point will bring additional home sites to a city that continues flourishing.”
Since entering the Texas homebuilding market in 2018, Resmark has established several joint venture development investments for homebuilding projects. Its San Antonio investments join developments that are currently underway in Austin and Dallas.