Fears of a recession and rising energy prices weren\u2019t enough to deter Macfarlan Capital Partners L.P. from putting approximately $180 million on the table in its purchase of five upscale resorts and second home communities in Texas, New Hampshire and North Carolina. \u00a0The Dallas-based private real estate investor made the acquisition from Centex Destination Properties, a division of Centex Homes. \u00a0\u201cThe economic contraction and high gas prices have an impact,\u201d company CEO Dean Macfarlan told CPN. \u201cThat being said, Boomers have capital for recreation, and they are historically purposeful travelers who place a high priority on leisure and \u2018getting away.\u2019 They have demonstrated a willingness to invest money in these types of second-home communities if they believe they can create value, whether new family memories or actual economic benefit. We do see that continuing regardless the cost of a tank of gas.\u201d \u00a0The approximately 135 Centex Destination Properties and Centex Hospitality Group employees will become part of TerraMesa Resorts, a wholly owned subsidiary of Macfarlan that will manage and develop these properties, according to a statement from Macfarlan. \u00a0The five properties are: \u00a0*\u00a0 The Hollows, on Lake Travis, a nearly 19,000-acre reservoir near Austin, has approximately 400 developable acres, including a 221-slip marina and a beach club. At presstime, 99 condos, 298 home sites and more than 200 homes had been sold.\u00a0 \u00a0* The Waters at Horseshoe Bay Resort, on Lake Lyndon B. Johnson, also near Austin, currently has 10 condos completed and a 100-slip marina under construction. \u00a0*\u00a0 Pointe West, in Galveston, Texas, totals approximately 300 developable acres, including Galveston\u2019s only beach that\u2019s closed to vehicular traffic, 42 single-family lots, a beach club with fitness facilities and two restaurants, and a fishing pier. Currently, 232 condos have been sold, as have 305 home sites.\u00a0 \u00a0*\u00a0 Bear Lake Reserve, in Tuckasegee, N.C., has approximately 900 developable acres with currently 48 cottages, 125 single-family lots, a 400-acre private lake, a club house with restaurant and fitness center, and a 9-hole golf course designed by Jack Nicklaus. \u00a0*\u00a0 South Peak Resort at Loon Mountain, Lincoln, N.H., has approximately 300 developable acres with 17 condos, 28 single-family lots with access to Loon Mountain Ski Resort. \u00a0In addition, TerraMesa already owns \u201cV\u201d at Lake Las Vegas, Nevada, which Macfarlan had previously purchased from Centex. The estate homes at this Tuscan-themed resort will use only 14 of its 45 acres for a small number of residential condos. \u00a0In its 20-year history, Macfarlan Capital Partners has completed over $1 billion in real estate investments. \u00a0In February, CPN reported on the sale of Turnback Ranch, a 242-acre lakeside site on Lake Travis near Austin; it was sold by Turnback Development L.L.C., a partnership of principals in Winston Capital Corp., to Equilibrium Resorts, an affiliate of the Tharaldson Cos. Renamed Mahogany, A Lake Resort, the property will eventually feature a Mediterranean-style village, a resort hotel, estate-sized lakefront homesites, single-family homesites and townhomes. \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Fears of a recession and rising energy prices weren\u2019t enough to deter Macfarlan Capital Partners L.P. from putting approximately $180 million on the table in its purchase of five upscale resorts and second home communities in Texas, New Hampshire and North Carolina. \u00a0The Dallas-based private real estate investor made the acquisition from Centex Destination Properties,…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003785209","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n