Emerald Homes Dallas

A Houston firm that's one of the largest developers of residential communities in Texas has completed its purchase of the sprawling Trinity Falls development north of McKinney.

Johnson Development Corp. and Tricon Capital have acquired undeveloped portions of the $1.3 billion, 1, 700-acre Trinity Falls development in Collin County near U.S. Highway 75.

Trinity Falls is planned for 4, 000 new homes as well as retail and commercial.

Since the community opened in 2014, about 300 homes have been built and 700 homesites have been acquired by builders.

"Trinity Falls is an established master-planned community with a proven track record in a dynamic, fast-growing market, " Larry D. Johnson, president and chief executive officer of The Johnson Development Corp., said in a statement. "This was a unique opportunity to acquire one of the region's premier large-scale master planned communities."

Johnson has built more than a dozen communities in the Houston area. This is the company's second major investment in North Texas. Last year the company acquired the 2, 000-acre Viridian development in Arlington.

Trinity Falls is one of the Dallas-areas most successful new residential projects and has been for sale since early this year.

Austin-based owner Castle Hill Partners hired Holliday Fenoglio Fowler LP to find a buyer for the unfinished portions of Trinity Falls. Terms of the sale were not disclosed.

Trinity Falls has single-family homes starting in the mid $200, 000s built by Ashton Woods Homes, Beazer Homes, Emerald Homes, Gehan Homes, Highland Homes, Meritage Homes and Plantation Homes.

The community includes a resort-style clubhouse, beach entry pool, neighborhood parks more than three miles of Trinity River frontage and over 450 acres of open space.

Forty-one-year-old Johnson Development is an award-winning firm that has projects in Texas and Georgia.

Its Houston-area developments include Cross Creek Ranch, Harmony, Harvest Green and Willow Creek Farms.

"They are one of the premier masterplanned community developers in the Houston area, " said Ted Wilson, principal with Dallas-based housing analyst Residential Strategies. "It's a logical migration for them to come here."