January 09, 2013

California Company buys Manor neighborhood

By Jan Buchholz, Staff Writer
Austin Business Journal

SunCal, an Irvine, Calif.-based residential development company, paid $15 million for the remnants of the ShadowGlen master-planned community in Manor. In all, SunCal acquired 758 acres of the 1,400-acre community from 2010 ShadowGlen LLC, a partnership between Dwyer Realty in Manor and MHI Partnership Ltd. in Austin.

SunCal is expected to finish the project, which dates back to 2003. Thus far, about 850 lots have been developed and more than 700 homes have been sold.

The community includes a four-acre water park, a recreation center and an 18-hole golf course.

When complete, ShadowGlen will have 3,000 homes.

ShadowGlen is located off of U.S. Highway 290 east of the State Highway 45 Toll Road.

The Austin Business Journal wrote about the surge in construction activity in and around Manor in 2006, but ultimately a lot of that stopped when the economy tumbled into a recession.

Land Advisors Organization in Austin handled the latest transaction.

This is SunCal’s first acquisition in Austin and the company is looking for additional investments here.

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