Dhanani Private Equity Group has secured nearly 300 acres of vacant farmland about 45 miles southwest of Houston for a residential development.
The Stafford-based firm, led by Nick Dhanani, plans to build approximately 1,000 homes with lot sizes ranging from 40 to 50 feet wide at Wernecke Road and Straznicky Road in Fort Bend County, the Houston Chronicle reported. The sale price was not disclosed. The sellers were the Wendt family, with Kirk Laguarta of Land Advisors Organization handling the transaction.
The 289-acre project will be the firm’s second-largest residential development, following the 346-acre Heritage community in Needville, where more than 1,000 homes are planned.
“This is the sixth in a series of land development projects,” Dhanani’s Faiz Hirani said. “Our strategy is to go into the path of growth areas in the greater Houston area.”
The company recently acquired several other residential development sites, including a 173-acre, 568-lot project in Willis; Northwood, which spans 106 acres with 358 lots in Cut and Shoot; Sunset Prairie with 119 lots on 35 acres in Iowa Colony; and the Majestic, a 552-lot community on 204 acres, also in Iowa Colony.
The firm aims to start construction within 18 months, with lots becoming available to builders in about four years. Builders for the project have yet to be announced.
The area surrounding the development has seen significant activity in recent years, with thousands of homes being added to the area thanks to large-scale communities such as the 850-acre Brookewater community by Hines and the 933-acre Emberly community by Starwood Land.
With growing demand for affordable homes in the region, developers like Dhanani are spreading out into the suburbs where land is less expensive and it’s possible to build homes in the $250,000 to $300,000 range. In addition to its residential projects, Dhanani has also made notable commercial investments, including the recent purchase of the 380,000-square-foot First Colony Commons shopping center in Sugar Land. The firm, which has about $1.8 billion in assets under management, is also developing a mixed-use project on 50 acres near the Smart Financial Centre.
— Andrew Terrell
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