Macfarlan Capital Partners Announce Purchase of Select Centex
Destination Properties Assets
Macfarlan Forms TerraMesa Resorts to Manage Exclusive Destinations
and Second-Home Communities Located on Lakes, Ocean-front and Mountains
DALLAS (Business Wire EON) April 3, 2008 --
Macfarlan Capital Partners, L.P., a Dallas-based private real estate
investment firm, announced today the purchase of five exclusive resort
and second-home communities in three states. These newly acquired
properties will become part of TerraMesa Resorts brand, a resort
development and management company formed by Macfarlan. Please visit www.terramesaresorts.com
TerraMesa Resorts is an innovative resort development and management
company that will oversee operations at the acquired properties that
include The Hollows on Lake Travis and The Waters at Horseshoe Bay
Resort on Lake Lyndon B. Johnson, both near Austin, Texas; Pointe West
in Galveston, Texas; Bear Lake Reserve in Tuckasegee, N.C.; and South
Peak Resort on Loon Mountain, in Lincoln, N.H. Macfarlan previously
purchased “V” at
Lake Las Vegas in Nevada from Centex and this also becomes a TerraMesa
Resorts property.
“I’ve always
traveled to make memories and I return to places to create memories for
my family,” said Dean Macfarlan, founder and
Managing Partner of Macfarlan Capital Partners. “This
is the philosophy behind TerraMesa Resorts, destinations that become
family memories and communities that people return to again and again.”
The luxury second-home and resort properties were purchased from the
Centex Destination Properties (CDP) division of Centex Homes, a
subsidiary of Centex Corporation (NYSE:CTX). The purchase includes
acquisition of the Centex Hospitality platform, which directs operations
in the communities, and now becomes part of TerraMesa Resorts.
All five properties are set in uniquely beautiful locations on the
shores of pristine lakes, forested mountains or windswept beaches. They
include marinas, golf courses, water and snow skiing, mountain fishing
and other amenities to draw people outdoors and encourage family
activities.
“The properties are beautiful and the team
assembled by Centex has years of experience in successful resort
management,” said Scott Covington, President
of TerraMesa Hospitality Group. “This
expertise will now be combined with Macfarlan’s
financial strength and entrepreneurial spirit to create some of the most
desirable vacation destinations in the country. We intend to take these
remarkable properties and make them even better.”
Timothy R. Eller, chairman and chief executive officer of Centex Corp.,
said: “Our employees on the CDP team and with
Centex Hospitality Group have done an outstanding job of building these
projects into premier resort and second-home communities. We’re
pleased to have completed this agreement with Macfarlan, a firm that
shares our desire for high quality and customer satisfaction. For
Centex, this transaction supports our strategy of focusing on our core
homebuilding business as we prepare to take advantage of the
opportunities ahead.”
About Macfarlan
Macfarlan Capital Partners, L.P. is a private real estate fund sponsor
committed to serving institutional investors, family offices, wealth
management advisors and individuals. Built upon nearly a quarter-century
of direct commercial real estate experience and having completed over $1
billion in real estate investments, Macfarlan has cultivated an
extensive network of proprietary relationships and unmatched insight
into the real estate sector. Deep experience and an extensive network
enables better pricing of fundamental value and presents exceptional
investment opportunities. Macfarlan’s
entrepreneurial creativity and institutional discipline produce
outstanding risk-adjusted returns through all phases of the real estate
cycle. For more information, visit www.macfarlan.com
About TerraMesa Resorts
TerraMesa Resorts is a
privately-held resort development and management firm specializing in
exclusive active vacation destination communities. The firm, a
wholly-owned subsidiary of Macfarlan Capital Partners, owns and operates
destination communities in Texas, North Carolina, New Hampshire and
Nevada. Headquartered in Dallas. For more information, call 214-932-3113.
About Centex
Dallas-based Centex, founded in 1950, is one of the nation’s
leading homebuilding companies. Its leading brands include Centex Homes,
Fox & Jacobs Homes and CityHomes. In addition to its homebuilding
operations, Centex’s related business lines
include mortgage, title and insurance services, and integrated
pest-defense systems. These businesses provide operational or financial
support to homebuilding activities and are leaders in their respective
industries. Centex has ranked among the top three builders on FORTUNE
magazine’s list of “America’s
Most Admired Companies” for nine straight
years and leads the industry for quality and customer satisfaction.
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