FORT WORTH, TX – Full-service commercial real estate firm HPI Real Estate Services & Investments has acquired 55 acres of land in north Fort Worth, TX for the development of 829 multifamily and single-family rental units.
HPI purchased the property from the Dallas-Fort Worth-based, land brokerage firm Davidson Bogel Real Estate.
HPI plans to construct 636 multifamily units and 193 single-family rental units at the property, which is located on the southeast corner of Bonds Ranch Rd. and Blue Mound Rd. The development will offer clubhouses, resort-style pools, pickleball courts and walking trails. The single-family rental units will feature attached garages and yards.
HPI plans to break ground on the development in early 2023.
“We are focused on growing our north Texas portfolio as it is one of the strongest real estate markets in the country,” states Tim Shaughnessy, president of HPI multifamily. “Strong employment and population growth in the Alliance corridor has created a demand for high-quality rental housing. We look forward to breaking ground in early 2023 and residents moving into both our apartments and single-family homes the following year.”
“The demand for rental product continues to accelerate with growth in renters by choice and as home buyers battle rising interest rates paired with historically high home prices,” says David Davidson Jr., co-founder of Davidson Bogel Real Estate.
Davidson & Bogel Real Estate’s Collins Meier, Ryan Turner, David Davidson Jr. and Edward Bogel brokered the transaction.