Mountain Real Estate Capital Tops $150 Million Invested in 2013 After Latest Texas Land Joint Venture


Torrance, CA – May 23, 2013 – (RealEstateRama) — Mountain Real Estate Capital (MREC) and Houston-based Land Tejas Companies (Tejas) announce a recapitalization of another of Tejas’ master planned communities, Harmony in North Houston, located just a few miles from the new ExxonMobil campus. Harmony will include over 2,000 residential home sites, a $6 million aquatics complex and premium residences being built by Perry Homes, Ashton Woods Homes, CastleRock Communities, Darling Homes, First Texas Homes, Village Builders, Westin Homes and Highland Homes. Development of Harmony is being managed by Johnson Development Corporation.

This transaction is MREC’s third project recapitalization with Tejas, having recapitalized Tejas’ Mirabella project in Northwest Houston and Sierra Vista in South Houston in December 2012. Together, MREC and Tejas jointly control over 4,600 home sites throughout Houston and are currently pursuing several additional projects. With the closing of the Harmony transaction, MREC has invested over $150 million of equity in 2013 and over $500 million since 2010 largely through 11 strategic relationships with residential developers and homebuilders, amounting to over 33,000 lots and 12,000 acres in 15 states.

Arthur Nevid and Keith Alexander structured and closed the deal for MREC. Mr. Nevid, Mountain’s chief investment officer, states, “While the majority of our joint venture investments over the last three years have been on the West Coast, Rockies and Southeast, we are pleased to be now closing on residential developments in Texas. We are working to expand our Texas investment platform in 2013 to Dallas, Austin and San Antonio with strategic developer partners in those markets as well.”

MREC’s focus is on forming strategic relationships like it has done with Land Tejas. MREC creates joint ventures to acquire and develop broken residential subdivisions; structures portfolio recaps for real estate operators to get a fresh start; and forms partnerships with best-in-class homebuilders to build homes in primary and secondary markets across the country. MREC’s partners co-invest 5 to 20 percent in each transaction. Earlier this year MREC entered into a $100 million strategic partnership with Colorado’s largest privately held homebuilder to help accelerate its growth and expansion into new markets, with a public market exit expected in three to five years. In Florida, it partnered with a top private home builder to recapitalize seven master planned communities and build-out 6,500 homes. In greater Los Angeles, MREC partnered with a developer to re-entitle and redevelop numerous infill sites to sell to public homebuilders. In North Carolina, it created a pro gram with a land developer to acquire seven projects and 2,500 lots from financial institutions. MREC has also closed or executed agreements with builder/developers in secondary markets including Colorado Springs (CO), San Diego (CA), Madison (WI), Riverside (CA), Tucson (AZ), Salt Lake City (UT), Ann Arbor (MI), Long Island (NY) and Lewes (DE) to jointly develop lots and/or build homes, and provide a platform for future growth for those partners.

Keith Alexander, director at MREC states, “Land Tejas is our 11th strategic relationship. In 2013, our goal is to add at least six new operating partners nationally with whom we can do multiple transactions, with individual transaction amounts ranging from $5 to $100 million.”

Mountain Real Estate Capital is headquartered in Charlotte, N.C. with additional origination offices in Minneapolis, Los Angeles, San Diego and New York. Mountain continues to emerge as a leading provider of equity capital to homebuilders and residential land developers. Since 2010, MREC has invested over $500 million including 33,000 lots/homes and another 12,000 developable acres in 15 states. For more information, visit


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