DALLAS - Wheelock Street Capital has continued its ongoing investment pursuit of Texas real estate with the acquisition of the 925-acre master-planned community of Devonshire in Forney, Texas from Hunt Properties.

"We're proud to expand our investment in the Metroplex with a second high-quality master-planned community that's affordably priced and well located in the path of job growth,” said Mike Rafferty, Wheelock's regional partner for Texas. “Texas is our most robust market, and we continue to search for additional residential opportunities throughout the state.”

In December, an affiliate of Wheelock acquired the 547-room Dallas/Addison Marriott Quorum by the Galleria hotel located in the Addison/Galleria submarket in Dallas.

In addition, Wheelock is developing several Texas master-planned communities -- Sweetwater in Austin and Stillwater Ranch in San Antonio and it has additional land holdings in Houston. 

Devonshire is located 20 miles east of Dallas, in the suburb of Forney just off Hwy. 80 at FM 548. Devonshire is approved for 3,000 residences, of which approximately 250 have been built and sold.

Devonshire will be developed and marketed by Wheelock Communities, which early last year began construction of Canyon Falls, a 1,200-acre community northwest of Dallas that was purchased in 2012. Canyon Falls will open for home sales in the Spring of 2014. Day-to-day management of both projects will be handled by Southlake-based Manna Land, Wheelock's Dallas-area development partner.

Wheelock, based in Greenwich, Conn., was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 20 years of broad real estate transaction experience across all major asset classes.

The seller of Devonshire, Hunt Properties, was originally formed to provide real estate asset management and advisory services for the vast real estate holdings of the late oil man, H.L. Hunt's family.