Cottonwood Residential Group signs deal to buy up 1,500 homes in rural Oz
The residential lease deal between Cottonwood and the Woodburn community of 2,200 homes has been finalized.
The deal is valued at $11 million.
The Woodburn Town Council approved the purchase of the property in January.
“I’m very excited about this deal,” Woodburn Mayor Mike Mixon said.
“The Woodburn town council approved it.
We had a lot of support from the Woodcutters community and I think that was great.”
Cottonwood is owned by developer J.D. Cottonwood.
The company has made a name for itself in Oz through a series of projects.
In addition to the Cottonwood residential tower, Cottonwood has developed several other residential properties in the Ozark foothills, including a new community center and a new sports arena.
“This deal is a win-win for everyone involved,” Cottonwood CEO and Chairman Steve Riggs said in a statement.
“Cottonwood will get a high quality building in a desirable location, and we are excited to bring our talented team to Woodburn.”
Cottonwoods plans to develop several parcels of land in the Woodburys.
“It’s a great opportunity to create a high-performing community in the area,” Woodburies President Michael B. Glynn said.
The town is home to more than 1,400 people, including Woodburn students.
Cottonwoods will also begin working on plans for a new soccer stadium, which will open in 2020.