Houston-based developer Hines, which has achieved a number of residential communities in North Texas, is constructing a brand new house challenge in McKinney.
Hines is teaming up with investor Trez Capital. to develop the 1,100-home Aster Park group north of FM 1461.
Building will begin this yer on the 414-acre gated group within the Prosper Impartial Faculty District, with the primary properties to be bought in 2023.
“We’re seeing a shift within the residential market as extra folks search bigger properties to accommodate the need to make money working from home whereas fostering a better sense of group with their neighbors,” Dustin Davidson, managing director at Hines, mentioned in an announcement. “We’re excited to work intently with Trez Capital and convey Aster Park to market to supply residents a brand new luxurious group the place they will reside, work and play.”
Homebuilders together with M/I Properties, Highland Properties, Toll Brothers, Shaddock Properties and William Ryan Properties can have homes within the new group. Aster Park will embody a clubhouse, a resort-style pool and an in depth path system.
Since 2005, Hines has constructed 20 communities and greater than 10,000 house websites. The developer now has 26 housing tasks underway within the Southwest.
Trez Capital is a non-bank industrial mortgage lender that has been a accomplice on different North Texas developments.
Western Alliance Financial institution is offering financing for the brand new McKinney challenge.
“Demand for single-family properties continues to dominate the residential actual property market, and Hines’ Aster Park growth will present a dynamic possibility for households in search of a live-work-play way of life that’s plentiful with trendy facilities,” mentioned Jennifer Fisher, vice chairman at Western Alliance Financial institution. “We’re strongly acquainted with each the residential actual property market within the Dallas-Fort Price space, in addition to with Hines’ dedication to growing distinctive communities.”
With demand for brand spanking new properties within the D-FW space at file ranges, builders are engaged on dozens of recent house communities within the northern suburbs.
A file of greater than 58,000 homes had been began in North Texas in 2021.