Wheelock Street Capital and Terra Verde Group today announced the acquisition of Boot Ranch, a 2,052-acre private master-planned community located in Fredericksburg, TX, from Lehman Brothers.
The acquisition includes Estate and Cabin home sites, a 55,000 square foot members-only clubhouse and village complex, a 4.5-acre pool and sports campus, an 18-hole Hal Sutton designed championship golf course, and a 34-acre golf practice park and executive par-3 course.
“The Texas Hill Country is a coveted second home and retirement destination, and Boot Ranch is the prime private-club residential offering for this market,” said Dan Green, Wheelock principal and head of land acquisitions. “With an infusion of new capital into this already remarkable property, there is significant potential to attract new residential members from throughout the state and beyond.”
Terra Verde Group founding partner Craig Martin said his firm was attracted to the property because it was hands down the best private golf community in the state of Texas. “Boot Ranch is the finest, most desirable community in the Hill Country,” said Martin. “Not only does the property boast the most beautiful views and the highest quality amenities but the area is surrounded with great wineries, restaurants, shops and outdoor activities.”
The new ownership group is set to begin immediately with a regional marketing outreach for the property. “Boot Ranch is an exciting high-end lifestyle real estate project within our strongest market, Texas,” said Mark Enderle, partner with Terra Verde Group. “Our successful and sound approach to structured property releases along with our substantial experience in the marketing and selling of amenity-rich, lifestyle communities make Boot Ranch a good fit for our company.”
A limited property release of estate home sites and luxury cabins will occur immediately and special purchase incentives will be offered through September on these properties. Additional amenity enhancements and new residential property offerings are scheduled for 2016.