FORT WORTH – (Realty News Report) – LGI Homes, a Houston-based home builder, has acquired 389 acres in west Fort Worth where a master planned community with 1,225 single family homes will be constructed.
LGI Homes, the 10thlargest homebuilder in the U.S. according to Builder magazine, said with the first phase of the project will be available in the fourth quarter of 2021 or the first quarter of 2022. Home prices are estimated to be between $230,000 and $280,000.
The land was acquired from Crow Holdings and James R. Harris Partners, which were represented by Chris Harden and Ryan Duffie of Cushman & Wakefield.
The Dallas-Fort Worth market has been the leading home building market in the nation for several years. Job growth, aided by a number of corporate relocations, has stimulated the North Texas economy.
“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.”
Located at the northwest intersection of Interstates 820 and 30, the new development is a few miles east of Walsh Ranch, a 7,200-acre master-planning community.
The expansion of the work-from-home trend is fueling an expansion in suburban housing across the nation.
“Corporate workplace trends, such as working from home, have energized the suburban housing markets. Even employees who will work from home only one or two days a week in the future, are more open to suburban and exurban living,” says Mark Sikes, principal with Deal Sikes, a Houston-based real estate valuation firm. “As this trend plays out, attitudes about long commutes will change and homebuyers will respond by moving farther out.”
Community developers and home building firms are showing an increased appetite for lots and developable land in counties surrounding Houston, says Sikes.
Nov. 9, 2020 Realty News Report Copyright 2020
File: LGI Homes Buys Land
Photo: Courtesy Cushman & Wakefield
File: (2) Fort Worth. Cushman & Wakefield LGI Homes Buys Land in west Fort Worth