Austin Business Journal shares, "A major real estate development and management firm that once owned The Woodlands outside of Houston has broken ground on a new luxury housing development in Horseshoe Bay west of Austin.
Fort Worth-based Crescent Real Estate LLC already has lots available for purchase in the 114-acre project in the Summit Rock neighborhood of Horseshoe Bay, according to an announcement.
“We look for high-quality developments where we can develop product that fits market demand,” Crescent Chairman John Goff said following the March 4 groundbreaking. “When we look at Texas, it’s just on fire. We have a lot of in-migration because we’re a business-friendly state, and there is a clear need to offer high-end resort product in the state. Not only for state residents, but even for people outside the state, and Horseshoe Bay has really distinguished itself being a very large and prominent development that’s on a constant-level lake.”
Called Atten Hill, the 114-acre development will have 92 home sites and be developed in two phases. The first will consist of 55 homes on lots ranging from about half an acre to nearly two acres, with lots starting in the $500,000 range and averaging $1 million. Horizontal work is expected to be complete on the first phase in March 2026. The second phase will consist of 37 home sites.
Lots are staked out and a viewing deck is on-site, so buyers can make selections. Sales and marketing is being handled by Legacy International Resort Properties’ Jack Madden.
Homebuilders involved in the project include Modern Homestead, Canyon Creek Homes, Seven Custom Homes and Sterling Custom Homes. While the homes will be custom built, design guidelines are in place to ensure the community is cohesive — with Goff describing the style as Hill Country modern.
Buyers will receive full memberships to Summit Rock, which includes access to four golf courses, a tennis center, lakeside lounge and an upcoming $40 million clubhouse and amenity center.
Crescent purchased the property through its investment vehicle, GP Invitation Fund III in 2023, according to the announcement. Crescent raised $265 million for that fund in 2022, while the Dallas Business Journal reported in June 2024 that it was raising $250 million for its GP Invitation Fund IV. The real estate investment firm, founded by Goff and Richard Rainwater in 1987, has $4.5 billion in assets under management, according to its website, and its investment portfolio consists of 9,300 hotel rooms, 66 million square feet of office space and 10,100 multifamily units.
In addition to The Woodlands, Crescent once owned Arizona’s Desert Mountain community and developed most of Colorado’s Beaver Creek and Bachelor Gulch, Goff said."
Source: Austin Business Journal
Written by: Cody Baird
Published: March 6, 2025
Posted by Grossman & Jones Group on
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