Austin-based Forestar Group Inc. has acquired the remaining partnership interest in the Lantana master-planned community from Republic Property Group for an undisclosed price.
Forestar, a publicly-traded company (NYSE: FOR), operates in three business segments: real estate, oil and gas and other natural resources. The company’s real estate holdings span ten states and 14 markets, encompassing over 133,000 acres.
Republic Property Group (RPG) Co-President Jake Wagner said that Forestar is very familiar with the Lantana development.
“Forestar has been our equity partner in Lantana ever since we bought the property,” said Wagner. “We are in our 15th year in Lantana and have a little less than 10 percent left to develop.”
Lantana is a total of 1,780 acres with an estimated 400-500 residential lots remaining to be developed. As of April 25, the community had 2,885 occupied homes with an estimated population of 9,376.
Wagner said that Forestar has been gradually getting into the development side of things since going public in 2007, and finishing out Lantana was an opportunity that made sense for them.
“They are seeking to increase their development footprint and Lantana is such an amazing, high quality community, that it is a logical place for them to do that.”
RPG will continue to develop their two master-planned communities, Phillips Creek Ranch in Frisco and Light Farms in Celina, as well as seek out other opportunities in North Texas.
From a Lantana resident and homebuyer perspective, Wagner said there will be no noticeable changes with Forestar talking the wheel.
“Bruce Crawford and his entire HOA staff, which is really the key part of Lantana creating the lifestyle for the residents, is completely staying intact,” said Wagner, who added that RPG will keep a seat on the HOA board until it is handed over to residents to maintain their long-term relationship with the community.
“The only thing that is really going to change is the people doing the on-the-ground development, and they intend to develop Lantana using the same type of builders and lot sizes to maintain the exact same quality and care that we have over the years.”