The merger of MOF Hurst Harbor, LP and Crosswater Yacht Club, LP of Austin, Texas establishing a new company named, Hurst Joint Venture, LP has been presented by Suntex Ventures, the Dallas-based owner and operator of marina properties, in partnership with private investors. The result of the merger is that in addition to Suntex’s Hurst Harbor Marina, construction will soon start on Crosswater Yacht Club (CYC), the latest marina project on Lake Travis.
Crosswater Yacht Club and Hurst Harbor Marina Map
The new facility will feature 247 wet slips, a ship store with fuel dock, golf cart access to the docks for slip owners, an integrated wave attenuator, a paved 125 space parking lot, gated entry and large common deck area that will give Crosswater Yacht Club an unmistakable “Club” feel. Many of the new marina slips will also feature private patios at the slip.
Construction is expected to commence immediately with a tentative soft opening by December 2012. Approximately 111 acres, the Crosswater Yacht Club site is located in Lakeway, TX along the south shore of Lake Travis and is approximately 10 miles west of Austin, TX. The marina will be situated on the main body of Lake Travis, just northwest of the current Suntex Marina property, Hurst Harbor Marina.
“Suntex partners have owned and operated five marinas on Lake Travis. We are excited to undertake our first development project in this vibrant market. We believe that Crosswater Yacht Club is positioned to be a premier destination for recreational boaters in the heart of Texas,” Chris Petty, President of Suntex Marinas, said.
Roland Adams, lifelong resident of Lake Travis and General Manager of Hurst Harbor Marina will be at the helm of both projects. “This new opportunity to operate a marina that will provide such great access to the docks at just about any lake level has my whole team excited,” said Roland Adams. “We can’t wait to start providing the customer service level we know will be the highest on Lake Travis and quite possibly the entire state. “
This transaction marks the third acquisition by Suntex Ventures in 2012, including Saylorville Lake Marina near Des Moines, IA and Bay Pointe Marina near Boston, MA. Suntex Ventures now owns and operates a portfolio of twelve marinas and one marina loan with a total value of approximately $150M. The Suntex vision is to be the pre-eminent resort marina company in the world and is actively seeking premier marinas around the world for acquisition.
The Suntex team is enthusiastic regarding the opportunity to work with its joint venture partners, tenants, customers, and the State of Texas to enhance the community and stakeholders. Financing for the transaction was provided by American Bank of Texas.
