The Howard Hughes, a real estate company, completed the acquisition of Douglas Ranch, a master planned community, from JDM Partners, a real estate investment firm, for $600m. "The launch of Douglas Ranch is momentous news for Phoenix and the state of Arizona. We are creating a city of the future—leveraging The Howard Hughes' development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation," Jerry Colangelo, JDM Partners Partner.