Houston (NOVEMBER 15, 2007) – Vista Equities Group and Vista Private Equity Group, LLP announce the formation of The Reserve at Grand Parkway, Ltd. (“The Reserve”) and the subsequent acquisition and development of an 89-acre parcel at the SWC of the Grand Parkway and Kingsland Boulevard in Katy, Texas. According to Brent Mann, partner of Vista Private Equity Group, The Reserve at Grand Parkway will feature medical, office and retail components.
“This is one of the few prime tracts of land remaining between I-10 and the Westpark Tollway with Grand Parkway frontage,” said Mann. “With the pending completion of the Kingsland Boulevard extension to Katy Mills mall west of Grand Parkway, along with the tremendous growth taking place in the area, the site offered an excellent development opportunity.”
Acquisition and development financing was handled by Marc Dunmire, senior vice president of Amegy Bank. In addition to the senior debt financing, an AmREIT-sponsored fund provided mezzanine financing for the transaction. The transaction closed in August 2007 and work is scheduled to begin during the first quarter of 2008 on the installation of streets and utilities to service the project. Land planning services are being provided by Kerry R. Gilbert & Associates, Inc. Dennis Johnston of McDade Smith Gould Johnston & Mason represented the buyer in the transaction and Stan Creech of Stan Creech Properties, Inc. represented the seller.
While The Reserve will be the first Grand Parkway development by Vista Private Equity Group, LLP, it represents the second significant investment in the Katy area by Vista Equities Group. The company recently completed Phase I of construction on LaCenterra at Cinco Ranch, a mixed-use, town center development just south of The Reserve. Phase II of construction is scheduled to begin later this year. Upon completion during the spring of 2009, LaCenterra will represent an investment of over $140 million and include approximately 700,000 sq. ft. of retail, office and residential space.