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LEAGUE CITY, TX-In its first partnership with a local developer, an $850-million investment fund acquired 26 acres in the 2,200-acre South Shore Harbour master-planned community. Though specific decisions have not yet been determined for land use, the parcel, dubbed South Shore Waterfront, could be used for single and/or high-density residential, with a supporting retail component, depending on the market demand.

Crow Holdings of Dallas partnered with Houston-based Verandah Cos. to acquire the acreage at Enterprise Avenue and FM 2094 in a direct deal from South Shore Harbour through its Crow Holdings Realty Partners IV LP. Though the actual acquisition price was kept under wraps, similar land deals have attracted between $13,000 and $20,000 per acre.

“We like the growth that’s going on down there and we like anything around water,” says David Craig, director of Crow Holdings, explaining the desirability of the land. “We’ve been familiar with the South Shore master plan community for some time; and we like the quality, so we’re looking forward to the opportunity to participate within this development.”

Craig tells GlobeSt.com that, while the transaction is the fund’s first in partnership with Verandah Cos., it isn’t the first development-oriented acquisition. “We’re doing other developments in the fund, with our land group doing for-sale and residential based. But we’re doing all kinds of developments in other areas, too.”

In the meantime, the fund would like to work on future deals with Verandah Cos., which specializes in multifamily and single-family residential developments. Though reluctant to name specific deals coming up with the developer, Craig acknowledges that a short pipeline exists with Verandah.

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