Meritage Homes, Scottsdale (NYSE:MTH) on Monday said it has closed on the first phase of a 116-acre infill property in Houston, formerly known as Pinecrest Golf Course.
The new community there will be called Spring Brook Village, which will ultimately provide more than 800 residents with brand new single-family homes constructed for energy efficiency and durability. Meritage purchased the land for this first phase of Spring Brook Village from MetroNational, a commercial real estate developer with extensive holdings in west Houston. Terms were not disclosed.
Spring Brook Village’s commuter-friendly location near the I-10 and Sam Houston Tollway offers easy access to major attractions and employment centers throughout the Houston metro area. Its desirable on-site amenities will include beautiful walking trails, lakes, gazebos, recreation centers and an infinity pool. Home buyers at Spring Brook Village will also enjoy close proximity to the Memorial City Mall.
“Meritage is working with some of the best land planners and consultants in the country to create a community that provides a unique sense of arrival and lifestyle not currently available in Houston,” said Houston Division President Kyle Davison. “The ability to control more than 116 acres in the Spring Branch area provides us an exceptional opportunity to create a very special community. Our Houston team is very eager to get this one-of-a-kind master planned community off the ground.”
Spring Brook Village will offer a variety of floor plans, which are expected to be priced from the high $200,000s to the mid $500,000s. Each home will include Meritage’s signature energy efficiency, designed to appeal to first-time buyers, move-up buyers and empty nesters alike.
Meritage anticipates that lots will be ready in the third quarter of 2018 with sales starting in December 2018.
