Land developer and homebuilder Brookfield Residential is acquiring Riverlights development company Newland, according to a recent announcement.

For Brookfield, the acquisition will provide immediate access to nine new markets, including Wilmington, and add strength in five other locations, a Brookfield news release stated. 

The move "significantly widens the geographical footprint to complement Brookfield Residential’s platform of master-planned communities and to leverage Brookfield Properties’ development capabilities into key major growth cities," according to the release. "Joining forces introduces the new markets of Dallas-Ft. Worth, Houston, Atlanta, Tampa, Seattle-Tacoma, Portland, Raleigh-Durham, Wilmington, and Charleston. It will also expand offerings in San Diego, Denver, Austin, Phoenix and Washington D.C., where each developer has a presence today."

While Brookfield Residential focuses on homebuilding and master-planned communities like Riverlights, the retail arm of Brookfield Properties owns commercial properties that include Independence Mall, 3500 Oleander Drive, in Wilmington.

The release about the Newland deal stated that along with the acquisition of the management company, California-based Brookfield Residential is also acquiring a 5% general partner’s equity interest in 15 of the 20 master-planned communities that Newland is currently developing, not including Riverlights.

In other words, when it comes to Riverlights, Brookfield won't be an owner but will be the community's management firm, Brookfield officials said Thursday.

No major changes in operations at Riverlights, a 1,400-acre master-planned community on River Road in Wilmington, are expected when the transaction closes, which is set to take place June 1, subject to customary closing conditions.

“This acquisition is an investment in our long-term land business, allowing us to leverage our land development expertise to become a large-scale provider of lots to third-party builders and also provide expansion potential for the Brookfield Residential homebuilding brand,” said Adrian Foley, president of Brookfield Residential, in the release. “The acquisition of Newland adds phenomenal master-planned communities to our portfolio in exciting new markets that are experiencing tremendous growth and a lack of supply of new homes.

He added that Newland "will round out our existing development capabilities making us one of the few companies that has the breadth of resources, capital and operational talent to successfully scale in this area of the market.”

Newland has five decades of experience in a wide range of real estate developments, the release stated. 

In October last year, Riverlights officials celebrated reaching 500 home closings as they planned for more residen­tial and commercial growth, including a mixed-use concept.

“We are extremely pleased to be able to team up with Brookfield Properties’ development group,” said Bob McLeod, Newland's executive chairman, in the release. “This acquisition will provide more opportunities for the continued development of additional mixed-use masterplans well into the future as well as give us significant additional vertical development opportunities. We are looking forward to becoming part of the Brookfield team.”

The financial details of the acquisition were not immediately disclosed.