FORT WORTH – (Realty News Report) – LGI Homes, a Houston-based homebuilder, has purchased 389 acres in west Fort Worth to build a master-planned community featuring 1,225 single-family homes.
LGI Homes, ranked by Builder magazine as the 10th-largest homebuilder in the United States, said the first phase of the development will be released in the fourth quarter of 2021 or the first quarter of 2022. Prices for homes in the initial phase are expected to range from approximately $230,000 to $280,000.
The acreage was acquired from Crow Holdings and James R. Harris Partners. The sellers were represented by Chris Harden and Ryan Duffie of Cushman & Wakefield.
The Dallas–Fort Worth area has been one of the nation’s strongest homebuilding markets for several years. Robust job growth, supported in part by corporate relocations, has driven demand throughout North Texas.
“In Dallas–Fort Worth, brand-new single-family homes at this price point are hard to find,” said Ryan Duffie. “Given the limited availability today, these homes are likely to attract substantial interest.”
Situated at the northwest interchange of Interstates 820 and 30, the new community is located a few miles east of Walsh Ranch, a large, 7,200-acre master-planned area.
The rise of remote and hybrid work arrangements has increased interest in suburban housing across the country, contributing to demand for developments like this one.
“Corporate workplace trends, such as working from home, have energized suburban housing markets,” said Mark Sikes, principal at Deal Sikes, a Houston-based real estate valuation firm. “Even employees who expect to work remotely just one or two days a week are more open to suburban and exurban living. As attitudes toward long commutes shift, homebuyers are more willing to move farther from city centers.”
Sikes added that community developers and homebuilders are showing greater appetite for lots and developable land in counties surrounding Houston as these market trends continue to play out.
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