Global investment firm buys Belterra near Dripping Springs

Belterra, the master-planned community between Austin and Dripping Springs, has been acquired by an $8.9 billion global investment fund.
Castlelake LP, headquartered in Minneapolis with offices in London, acquired the 1,600-acre upscale residential community from Crescent Communities, a Charlotte, North Carolina-based developer.
The Belterra deal was part of a three-property portfolio, which included The Groves in Humble, Texas, and Wildridge near Dallas.
Terms of the deal were not disclosed and…

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