Hines, a global real estate investment manager, along with partners Trez Capital and the Furst family have purchased the first 90 acres.
DENTON, Texas — This story was originally published by our content partners at the Dallas Business Journal. Read the original version here.
A large Houston-based real estate developer has acquired the initial land for what will ultimately be a master-planned community spreading across 1,000-plus acres in Denton County.
Hines, a global real estate investment manager, along with partners Trez Capital and the Furst family have purchased the first 90 acres for a project called Furst Ranch, an expansive residential development to be created between Flower Mound, Bartonville and Argyle.
The more than 1,300 homes planned in the community will start at roughly $800,000 and range to more than $2.5 million.
Homebuilders involved in the project include Coventry Homes, David Weekley Homes, Drees Homes, Highland Homes, Partners in Building, Shaddock Homes and Tradition Homes.
Furst Ranch will consist of three distinct neighborhoods, each catering to diverse homebuyer preferences, according to an announcement from Hines.
They will be High Plains, with 1,100 lots ranging from 50 to 80 feet wide; Prairie Vista with 200 lots ranging from a half-acre to 1 acre in size; and Cross Timbers, with 74 lots sized from 1 to 2 acres.
The newly acquired 90 acres are part of the High Plains neighborhood, where development is already underway. Hines and the company’s partners will buy the remaining 948 acres over the next six years.
"The acquisition of the initial parcel sets the stage for this meticulously planned, multi-phase community in a prime location,”Dustin Davidson, managing director at Hines, said in a statement. "Furst Ranch will provide an exceptional outdoor environment, particularly impressive for a development of this magnitude. We look forward to working alongside our partners to meet the demand for high-quality and diverse housing options in this prime market."
Furst Ranch will have rolling open spaces, semi-custom homes and amenitized residential areas that are "both connected and tucked away," according to the announcement. The community will be in the Argyle Independent School District and will include a trail system.
In addition to residential areas, future phases of Furst Ranch may include senior-living facilities, retail and other diverse living options.
John Hutchinson, the Dallas-based co-CEO and global head of origination at Canada-based real estate investment firm Trez Capital, said the company’s long-time partnership with Hines has yielded many "opportunistic" investments. He said Furst Ranch will set "a new benchmark for master-planned community design while meeting the growing population demand in North Texas."
"We are dedicated to building a better future, together with our partners," Hutchinson said in a statement.
The Furst Ranch deal was brokered by Michael Cotten, King Laughlin and the late John S. Bean.
Hines, a global real estate investment, development and property management firm, has 65-plus years of development experience in Texas, including about 20 years developing single-family communities.
The company recentlybuilt and opened Maple Terrace Residences, a 22-story high-end apartment tower in Uptown Dallas. Hines entered the Dallas-Fort Worth market in the early 1980s with the Galleria Dallas.
Hines and Trez Capital have also teamed up on Northspur, a roughly 700-acre, 1,500 single-family home master-planned communityunder construction in Terrell, 27 miles east of downtown Dallas.
Hines has built 26 communities in the Southwest U.S. Its communities underway throughout DFW include Aster Park, Brookhollow West, Creekside, Lakewood at Brookhollow, Milrany Ranch, Merion at Midtown Park, Redden Farms, Saddle Star and Wildflower Ranch.
Hines and Trez have collaborated on numerous projects, including four other master-planned communities in Texas that are currently underway: Brookewater in Rosenberg, Mirador in Austin, Creekhaven in Brazoria County and a community in Waller.
Trez Capital is a diversified real estate investment firm and provider of commercial real estate debt and equity financing across North America. Trez its affiliates manage more than $5.3 billion in assets and have funded more than 1,700 transactions totaling more than $18.5 billion. The Dallas office has funded more than $6 billion in loans across a variety of product types.
In addition to Northspur, Trez in June provided financing for Farmers Branch-based Centurion American Development Group to secure a 1,050-acre property in Pilot Point, northwest of Celina, from Blue Star Land LP, a real estate firm owned by Jerry Jones and Gene Jones of the Dallas Cowboys.
Centurion plans to develop a neighborhood called Bryson Ranch along FM 1385 for up to 3,000 single-family home sites.
- 'I'm going to go bankrupt' | Dallas permitting error leaves builders in limbo
- How far north will North Texas go? 2,200 homes are coming to this community
- Here's where 2,500 more homes are being developed in North Texas (and for how much)
