Arthur Nevid and Keith Alexander structured and closed the deal for Mountain. Mr. Alexander, director, states, “While the majority of our joint venture investments and portfolio restructures over the last three years have been on the West Coast, Rockies and Southeast, it has been a goal of ours from the start to identify best-in-class residential developers in Texas, so we are extremely pleased to begin a relationship with Land Tejas in Houston and are expecting to close three additional projects with them in 2013 encompassing over 4,500 additional home sites. We also expect to expand our Texas investment platform in 2013 to Dallas, Austin and San Antonio as well.”
Each project will be examples of Tejas’ Canyon Gate® concept, combining a synergy of prime location, resort-style amenities and homes equipped with the latest technology. Tejas’
Land Tejas’ CEO, Al Brende, states, “It has been a pleasure and a great opportunity for us to team up with the Mountain team. They bring both capital and a deep understanding of the complexities of residential development, allowing us to not only unlock the developmental value of these great projects but to also explore potential new acquisitions in this dynamic Houston market.”
Mountain Real Estate Capital is three types of investments:
• Joint ventures to acquire and develop broken master-planned communities and land developments.
• Portfolio recaps for real estate operators to restructure their debt and equity positions, and to grow their companies.
• Partnerships with best-in-class homebuilders in primary and secondary markets across the country.
MREC is headquartered in Charlotte, N.C. with origination and management offices in Minneapolis, San Diego, New York, Richmond, Baltimore and Los Angeles. MREC continues to emerge as a leading provider of equity capital to homebuilders and residential land developers. Since 2010, MREC has acquired over 24,000 lots/homes and another 11,000 developable acres with approximately $400 million committed in 15 states.
Arthur Nevid, chief investment officer for Mountain states, “Land Tejas is our 11th strategic developer or homebuilder relationship. As with all of our other partners, Land Tejas is a best-in-class operator within its submarket, requiring only flexible equity capital to be able to greatly expand its development capability. In 2013, our goal is to add at least 6 new such strategic relationships nationally.”