ODESSA — A real estate investment firm has closed on the first piece of the Starkey Ranch, as part of a multi-year deal.
Wheelock Street Capital purchased the first 1,080 acres in the deal last month. The firm, which is based in Greenwich, Conn. and Boston, Mass., will ultimately pay roughly $50 million for the full 2,500 acres, said Trey Starkey, whose family owns the ranch. He declined to give a breakdown of the prices for each phase.
"We do not feel like we sold at the bottom of the market," Starkey said. He added, "We're bullish on the 54 corridor, and the price reflects that."
In anticipation of the sale, county officials last year approved a massive development plan for the Starkeys' namesake ranch. The former cattle ranch can have up to 5,050 residential units; 450,000-square-feet of retail, office and medical uses; 300,000-square-feet of light industrial uses; and 220 hotel rooms. Numerous amenities are planned, including a community center, new elementary and middle schools and a district sports facility. The project will be managed by Reed Berlinsky of Florida-based Gentry Land Company.
Wheelock will begin marketing lots to builders in mid-2013 for delivery in 2014.