A new community en route to Forney will bring hundreds of new homes.
Houston-based developer Hines purchased the 600+ acre High Point Ranch property on US Highway 80.
The large residential project will be developed in nine phases from the end of this year and the beginning of 2022, according to Hamilton Realty Finance, which arranged the financing for the deal.
Hines has secured more than $ 12.9 million in financing to purchase the property and pay for pre-development costs, according to the lender.
The Forney area, just east of Dallas, has been one of the major new home sales and startup markets in North Texas for the past two years. The communities with some of the highest volume of home purchases are located in Forney.
Developer Hines is best known for its big projects, including the real estate company’s new Victor apartment tower near downtown Dallas and the iconic Dallas Galleria mall on LBJ Freeway.
But the international real estate company has also developed several D-FW residential communities over the past decade.
Hines’ new High Point Ranch development in Forney will be a welcome addition to the D-FW housing market where builders are unable to meet the demand for new homes.
In the first quarter of 2021, North Texas home builders started more than 15,000 single-family homes, a 41% increase from starts the year before.