Developer Sells Ownership in New Denton County Home Community

A North Carolina-based developer that's been active in North Texas has sold its interest in a new residential community in Denton County.Crescent Communities said it sold the Wildridge home development and two other Texas projects Minnesota-based investor Castlelake L.P.Terms of the sale were not disclosed.Crescent Communities and Taylor-Duncan Interests, Inc. will hold a groundbreaking ceremony on Wednesday, July 9 atWildridge is a 250-acre single-family residential community on Lake Lewisville that's planned for 700 to 800 homes.Crescent Communities and Taylor-Duncan Interests broke ground on the project in 2014 on Shahan Prairie Road, one- quarter mile east of FM 720.Wildridge is planned for a community center and two ponds, parks, walking trails, a swimming pool and other amenities for residents.Homes in the development start at more than $300,000. And builders include American Legend Homes, Plantation Homes, K Hovnanian Homes and Highland Homes."We're proud of the communities that we've created in Texas, and we're pleased a thoughtful, like-minded investor was interested in continuing the legacy that we started," Todd Mansfield, President and CEO of Crescent Communities, said in a statement. "The transaction supports Crescent's strategic plans to reinvest and continue to grow our other single family and multifamily communities, our new homebuilding company Fielding Homes and our commercial - mixed use division."Crescent Communities also sold its Groves community northeast of Houston and Belterra in southwest Austin.  Continue reading...

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