NEW BRAUNFELS, Texas, May 2, 2013 /PRNewswire/ — Magnolia Springs Associates (MSA), an entity controlled by The Kalikow Group, recently sold a 15.92-acre tract of land located at the Magnolia Springs Subdivision in New Braunfels, Texas to Castle Rock Homes. The subdivision is located off of I-35 at Engel Road. Terms of the sale were not disclosed.
(Photo: http://photos.prnewswire.com/prnh/20130502/PH05687-a )
(Photo: http://photos.prnewswire.com/prnh/20130502/PH05687-b )
Castle Rock, in cooperation with Lennar, plans to build 71 single-family homes on this parcel in this latest phase of construction at the Magnolia Springs site. Previously, these builders purchased 87 acres at the site and have already constructed and sold 160 homes. Both builders have opened models and sales offices for new customers at the site.
Located just minutes north of San Antonio and within easy reach of San Marcos and Austin, Magnolia Springs offers an excellent location to live, play and shop. The development's hill country setting offers views of the countryside with a rural feel. All of the homes at Magnolia Springs feature three sided brick standard, with beautifully designed elevations. Prices for the custom built, three- to four-bedroom homes start as low as $183,500, with premium models up to $221,500.
The Magnolia Springs Subdivision still offers 65-acres of land for the development of up to 240 additional homes. The site also offers two commercial development outparcels of 2.11 acres and 1 acre for sale at the entrance of the subdivision, with frontage on heavily trafficked I-35.
"The San Antonio market is one of the fastest growing areas by population in the U.S., homes are reasonably priced and job growth is expanding," said Edward Kalikow, President and Chief Executive Officer of The Kalikow Group. "This all equals increased demand for single-family homes, and the success of the Magnolia Springs subdivision and other development parcels we own in the area gives testament to the continued desirability of suburban San Antonio."
Last month, The Kalikow Group completed the sale of an 208-acre residential land parcel to LGI Homes for the development of over 800 homes at their planned 2,400-home, 610-acre Luckey Ranch project in San Antonio.
San Antonio has the country's second strongest job market, with some 10,000 new jobs slated to be filled soon, thanks largely to Fort Sam Houston's military medicine expansion, Toyota's expanded Tacoma production and new government projects — such as the San Antonio River Walk — aimed at stimulating employment and new business creation.
The Kalikow Group offers a private source of joint venture equity financing for middle-market real estate developers, operators and builders. Headed by Edward Kalikow, it has been acquiring, developing and investing in all types of real estate projects for well over 30 years. The Kalikow Group is a multifaceted source of equity for a variety of investment platforms including retail, multifamily, condominiums and single-family home development, as well as land-banking for future projects. To date, The Kalikow Group has raised over $100 million of equity capital which has funded projects valued in excess of $850 million.
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