(DALLAS) – Hines, the global real estate investment manager, along with partners Trez Capital and the Furst Family, have acquired the initial 90 acres of what will become Furst Ranch, an expansive master-planned community in Denton County, Texas. The project, located outside of Dallas between Flower Mound, Bartonville, and Argyle, will ultimately span over 1,000 acres.
Furst Ranch will consist of three distinct neighborhoods, each catering to diverse homebuyer preferences: High Plains with 1,100 lots ranging from 50' to 80' lots, Prairie Vista with 200 lots ranging from 0.5 to 1 acre, and Cross Timbers with 74 lots ranging from 1 to 2 acres. The newly acquired 90 acres are part of the High Plains neighborhood, with development already underway. Hines and partners will purchase the remaining 948 acres over the next six years.
"The acquisition of the initial parcel sets the stage for this meticulously planned, multi-phase community in a prime location,” said Dustin Davidson, managing director at Hines. "Furst Ranch will provide an exceptional outdoor environment, particularly impressive for a development of this magnitude. We look forward to working alongside our partners to meet the demand for high-quality and diverse housing options in this prime market.”
Furst Ranch will feature rolling open spaces, semi-custom homes, and amenitized residential areas that are both connected and tucked away. The community will be served by the highly rated Argyle Independent School District and will feature a well-designed trail system, allowing for interconnectivity. In addition to residential areas, future phases of Furst Ranch may include senior living facilities, retail components, and other diverse living options to create a comprehensive community experience.
“We are dedicated to building a better future, together with our partners. Our long-time partnership with Hines has yielded many opportunistic investments and we expect Furst Ranch will be another successful venture, setting a new benchmark for master-planned community design while meeting the growing population demand in North Texas, " said John Hutchinson, Co-CEO and global head of origination at Trez Capital.
Homebuilders involved in the project include David Weekley, Coventry, Highland, Shaddock, Drees, Tradition, and Partners in Building, with homes starting from $800,000 to over $2.5 million.
With over 65 years of development experience in Texas and nearly two decades of expertise in developing single-family communities, Hines brings a wealth of knowledge and proven success to Furst Ranch. Since 2005, the firm has completed 26 communities across its Southwest region, with 13 currently under construction. In addition to this new project in Denton County, Hines and Trez Capital recently announced plans for Northspur, a 700-acre master-planned community in Terrell, east of Dallas. The partners have collaborated on numerous projects across the Southwest, including four other master-planned communities in Texas that are currently underway: Brookewater in Rosenberg, Mirador in Austin, Creekhaven in Brazoria County, and a community in Waller. These projects aim to meet the growing demand for high-quality, cost-effective housing in the region while providing diverse amenities and housing options for residents.
The deal was brokered by Michael Cotten, King Laughlin and (the late) John S Bean. For more information about Furst Ranch and to stay updated on the latest developments, please visit furstranchtx.com.
About Hines
Hines is a leading global real estate investment manager. We own and operate $93.2 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 65-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2023.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured mortgage investment funds, syndications, and joint-ventures; and provides property developers with quick approvals on flexible short- to mid-term financing.
With offices throughout North America, Trez Corporate Group has over $5.41 billion CAD in assets under management and has funded over 1,800 transactions totaling more than $19 billion CAD since its inception. The Dallas office has funded more than USD $6 billion in loans. For more information visit www.trezcapital.com.
¹ Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $3.0 billion Manager AUM (Trez Capital Fund Management Limited Partnership.
