Los Angeles property firm plants its flag in North Texas with office and Celina land buys Cypress Equity Investments is in partnership with New York-based Winter Properties.
This post was written by Steve Brown and originally published on 3/22/2022 on The Dallas Morning News
A Los Angeles-based builder that recently formed a partnership with a New York property firm is opening an office in Dallas with plans to build, starting in Celina.
Cypress Equity Investments and partner New York-based Winter Properties have acquired 38 acres in Celina, a Collin County community where they plan to develop apartments and built-to-lease homes.
The property is in Celina’s Ten Mile Creek master-planned community. Construction on the project is set to start early next year.
Cypress Equity Investments also has acquired 30 acres near downtown Celina to develop two more multifamily communities.
Cypress Equity Investments has hired Brandon Smith and Brad Hagmann, two local real estate executives, to head the new Dallas office.
“As we continue to strengthen our presence in key markets across the country, it is vital we have local experts spearheading our investment and development activities,” CEO Michael Sorochinsky said in a statement.
Cypress Equity has other offices in Los Angeles, Chicago and Denver. The developer had more than $1.75 billion in projects in the development pipeline for 2021 and 2022.
Its partner, Winter Properties, is a developer, owner and investor in properties in New York City and other major urban markets in the U.S.
Already one of North Texas’ fastest-growing single-family home communities, Celina is seeing an increase in apartment construction to appeal to renters moving to the Collin County community.