Crescent Real Estate Targets Upscale Central Texas Homebuyers

Crescent Real Estate has started development on its high-end housing project in Horseshoe Bay near Marble Falls, northwest of Austin.

The development, called Atten Hill, will feature 92 custom home sites to be developed in two phases on 114 acres, the Austin Business Journal reported.

The first phase includes 55 homes on lots ranging from half an acre to nearly 2 acres. Pricing will start in the $500,000 range, averaging $1 million. Ground work and infrastructure is expected to wrap in March 2026.

The project sits within Summit Rock, an exclusive Horseshoe Bay neighborhood where homeowners will receive full memberships to the community’s four golf courses, tennis center, lakeside lounge and an upcoming $40 million clubhouse and amenity center, which includes a bar and grill, fitness center and pool.

Legacy International Resort Properties’ Jack Madden is handling sales and marketing, with lots already available for purchase.

Modern Homestead, Canyon Creek Homes, Seven Custom Homes and Sterling Custom Homes are among the builders involved. All will be in the Hill Country modern style.

Fort Worth–based Crescent, led by John Goff, acquired the land in 2023 through its GP Invitation Fund III, part of the firm’s extensive Texas portfolio, which includes $4.5 billion in assets, encompassing office, multifamily, hospitality and residential. In 2022, it raised $265 million for the fund. By June of last year, it was raising $250 million for its GP Invitation Fund IV, the Dallas Business Journal reported.

The firm previously owned The Woodlands, near Houston, as well as the Desert Mountain community in Arizona, and it developed most of the Beaver Creek resort village in Colorado.

Recently, Crescent has been fortifying its signature mixed-use development in Uptown Dallas, planning to deliver a 30-story, 215-unit apartment tower named the Crescent Point Tower in May.

Goff pointed to Texas’ strong in-migration and demand for high-end, resort-style housing as key factors in choosing Horseshoe Bay for Crescent’s latest venture.

— Judah Duke