New homes are coming in fast on the North Texas prairie. Dallas’ Green Brick aims to add 3,500 homes to the mix.
The home builder closed on the purchase of 427 acres in Princeton, Texas, a city of 17,000 about 45 miles northeast of downtown Dallas, on Tuesday. The Plano-based company secured entitlements for up to 1,762 single-family homes, 225 build-to-rent single-family units and 4 acres of commercial development in the deal.
Green Brick plans to develop a residential community called Windmore on the land. Trophy Signature Homes, one of the company’s five subsidiary home builders in Texas, will develop Windmore’s homes to be offered for sale. Jordan Cortez and Mason John of Dallas’ Vanguard REA represented Green Brick on the deal, and RES Real Estate Services’ Charles McKissick represented the seller. The seller and price were not disclosed.
Green Brick owns or controls 3,523 homesites in Princeton and is developing three communities there. It plans to start construction of homes in Eastridge, its second Princeton community, this summer.
Princeton is in Collin County, the nation’s second-fastest growing county in the past year, according to census data. It’s one of the many North Texas towns being transformed into suburbs and bedroom communities of North Dallas and Plano (itself once considered a suburb of Dallas) . They include Frisco, McKinney and Gunter, where Walton Global just sold 1,200 acres with entitlements allowing up to 6,800 single-family homes, 1,450 apartments, retail, office, industrial use and schools.