LGI Homes has bought 389 acres in booming West Fort Worth for a 1,225-home development where prices will be between $230,000 and $280,000. M/I Homes expands its footprint in the Triangle area of North Carolina with the purchase of land in Apex for the next phase of a booming residential development. M/I Homes paid $18 million for 80 acres of land for future sections four and five of the Friendship Station residential development in North Carolina.
Dallas-based Crow Holdings and James R. Harris Partners sold the land for the new residential community. Chris Harden and Ryan Duffie of Cushman & Wakefield represented Crow Holdings and James R. Harris Partners in the transaction. The first neighborhoods will be ready by late 2021 or early 2022 and the community will be built out in six phases. The site of the community, called Vista West, is near the northwest intersection of Loop 820 and Interstate 30, east of the massive 7,200-acre Walsh Ranch development. LGI Homes (Nasdaq: LGIH), the 10th largest homebuilder in the U.S. according to Builder Magazine, is taking a big position in a booming market, Duffie of Cushman & Wakefield said. “In Dallas-Fort Worth, brand new single-family homes are hard to come by at this price point,” Duffie said. “With current limited availability, these homes are expected to generate significant interest.” The location is a prime one, C&W’s Harden said in a statement. “The property benefits from outstanding accessibility and connectivity as it’s conveniently located off Interstate 30, allowing future residents direct access to major employment, medical and entertainment hubs including downtown Fort Worth, JPS Hospital, Lockheed Martin, West 7th, Sundance Square and the Fort Worth Stockyards,” Harden said. Dallas-Fort Worth was LGI’s second-best performing market in the nation in the third quarter, company CEO Eric Lipar said in an earnings call Tuesday. The homebuilder averaged 9.9 closings per community per month in DFW. That compares to a national average of 6.4 closings per community per month, Lipar said. Sarasota was LGI’s top market with 12.3 closings per community per month. Houston and San Antonio tied for third with 8.8 closings per community monthly each, followed by Atlanta with 8.1 closings, the CEO said. LGI has 110 active communities nationwide, a 6.8 percent increase over the third quarter of 2019. M/I Homes' plans for the Apex property feature 221 single-family homes and 89 townhomes. Amenities include a pool and clubhouse, two play lawns, a recreation field and natural walking trails. Work is expected to begin next fall. “We are so excited for the future of Friendship Station,” said Allison Moriarty, vice president of sales & marketing for M/I Homes. “This is a beautiful tract of land within walking distance to some of the best schools in the area." Friendship Station is a residential development featuring hundreds of acres of single-family and townhome units plus retail and commercial space. Just to west of this property, the town of Apex approve a rezoning request from M/I Homes clearing the way for a 141-acre development with 520 homes. The development will have a mix of single-family homes and townhomes. The company is also partnering with Habitat for Humanity to include 15 affordable homes in the project. All this joins a growing number of residential developments planned and underway in the Triangle. Near Fuquay-Varina, Greenfield Communities unveiled its plans for Serenity, a massive residential development in Harnett Count calling for around 1,200 single-family homes at prices expected to range from the $200,000s to $500,000s. In Wendell, Raleigh-based Strong Rock Development filed a rezoning request for the Rogers Property. Preliminary plans lay out 328 townhomes and park space west of downtown.
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