Homebound Closes On $731M Deal For North Texas Expansion: The DFW Deal Sheet
A national homebuilder is making a $731M expansion bet on North Texas.
Homebound acquired more than 1,000 lots in Dallas, Prosper, Flower Mound and Mansfield worth around $731M in land value. The builder’s first project will be The Villas at Lakeside development at 2901 Lakeside Village Blvd. in Flower Mound.
“The Villas at Lakeside is our first community in Texas and represents everything Homebound stands for as we expand into new communities this year,” Homebound Regional President in Texas Charlie Coleman said in a statement.
Homebound says it utilizes a technology-driven platform that provides a streamlined building experience, constructing homes 40% faster and 25% cheaper than traditional homebuilders.
Homebound’s other expansion projects this year will be at Swan Lake in Dallas, Park Place and Mosaic in Prosper, and Westhill Parks in Mansfield. The company also plans to expand in the Houston area this year.
SALES
Minto Communities USA closed on a 3,170‑acre property in Waxahachie on Feb. 20. The company plans to develop a master‑planned community with 13,270 homes at the site later this year. The project will feature an active-adult neighborhood and a traditional community, supported by approximately 140 acres of mixed‑use development. Plans also call for 750 multifamily units and 1.2M SF of retail and commercial space.
The project will sit west of Interstate 35E, south of FM 875, north of FM 1446, and east of Lone Elm Road. The community is expected to contribute more than $42.2M in annual revenue to the city of Waxahachie and create a real property tax base of $4.8B, which would generate $56M per year for the Waxahachie Independent School District.
CONSTRUCTION AND DEVELOPMENT
Weitzman and Kroger held an official groundbreaking for the grocery-anchored Custer Frontier Marketplace development in McKinney on Friday. The 170K SF center at the southeast corner of Custer Road and Frontier Parkway will feature a 99K SF Kroger Marketplace and a Kroger fuel station. The center will also include 54K SF of small-shop and freestanding retail space in multiple buildings and pad sites designed for a mix of shops, dining, service and medical uses. Weitzman’s David Palmer will manage the development of Custer Frontier Marketplace, while the company’s Michelle Caplan and Maggie Hansen will handle leasing.
***
Kindred Homes announced the grand opening of The Vines luxury community in Haslet. The project features 11 half-acre homesites, plus a custom model home.
***
Kaizen Development Partners started work on its 2.5-acre Chalk Hill mixed-use development project in Uptown Dallas. Demolition is underway at 3031 N. Harwood St., which is the former home of public media organization KERA. The project will consist of two towers with more than 400K SF of trophy office space, a 214-key luxury hotel, and curated retail and restaurants. BOKA Powell will design the project, with Balfour Beatty serving as the general contractor. JLL will lease the office space.
***
The NRP Group and Texoma Housing Partners held a grand opening for the 300-unit Sutton Flats mixed-income community in Sherman. Half of the residences in the development at 10001 Cedar Creek Drive are reserved for households earning up to 80% percent of the area median income.
PEOPLE
Healthcare consulting services firm Covalus Inc. added Mark Reed as vice president and business unit leader. Reed has more than 35 years of executive leadership experience. He will join Covalus' existing program management leadership team and oversee program operations on some of the firm's projects.
***
Institutional Property Advisors, a division of Marcus & Millichap, hired retail investment adviser Philip Levy as an executive managing director in Dallas. Levy will execute retail property transactions on behalf of major private and institutional investors throughout Dallas, Fort Worth, Austin, San Antonio, Oklahoma City and Tulsa. He has 22 years of experience.
***
Newmark hired agency leasing specialists Dalton Knipe, Weston King and Lauren Esquivel as directors in its Dallas office. Knipe and King specialize in industrial agency leasing throughout the DFW metro and will work to deliver integrated solutions and broaden service offerings in the market. Esquivel brings more than 15 years of office leasing experience and will help expand the company’s office agency presence in Dallas.
***
Atlanta-based real estate investment firm Stonemont hired Corbin Stall as Texas market lead and vice president. Based in Dallas, Stall will be responsible for business development initiatives and client relations across the state. Stall has more than a decade of experience and was most recently vice president of acquisitions and development at Leon Capital Group.
***
Concord Summit Capital expanded into the DFW market with the additions of Michael Laurencelle as senior managing director and Tom Laurencelle as managing director. Both previously served as managing directors in capital markets at JLL. The Laurencelles will be responsible for originating, structuring and executing commercial real estate debt and equity financing transactions across multiple asset classes.
Michael Laurencelle brings more than 30 years of commercial real estate capital markets experience, while Tom Laurencelle has more than a decade of experience.
THIS AND THAT
The Plano City Council approved a performance-based economic development incentive for AT&T’s planned redevelopment of the former Electronic Data Systems campus at 5400 Legacy Drive as its new global headquarters. The agreement calls for the development of a 2M SF campus and the creation of up to 10,000 jobs. The incentive package includes a $10M redevelopment grant, an incentive of $1K per qualifying job and a partial tax rebate on new property value for a period of 25 years.
