Shores on Lake Ray Hubbard

A 400-acre multi-phase master-planned development acquired in late 1996 located on the eastern shore of Lake Ray Hubbard in Rockwall, Texas. Phase I sold-out of 270 lots in three villages in just over twelve months. Ultimate build-out is expected to encompass approximately 1,200 lots, an 18-acre shopping center and commercial site and a 3.5-acre retail site. The project was successfully sold in December 1999 providing proforma level returns.