Dallas-based developer Michael Jackson is making an affordable housing play with new $300M community in Forney – Dallas Business Journal
A Dallas-led development partnership started construction this week on a $300 million, 336-acre master-planned community in Forney, which is expected to bring more than 1,000 homes to North Texas.
Those homes are expected to start at an affordable price point for would-be Forney residents, said developer Michael Jackson, vice president and principal of Dallas development firm Wynne/Jackson Inc.
“As development has gotten more expensive, it’s been pretty difficult to build affordable homes,” Jackson told the Dallas Business Journal.”But Forney has been great to work with to help get the lot prices down low enough to deliver that home price.”
Wynne/Jackson has partnered up with real estate investment firm RAM Real Estate Capital on the community, called Overland Grove. This will be RAM Real Estate Capital’s first project in Dallas-Fort Worth.
Overland Grove fits right in line with RAM Real Estate Capital’s objectives in the North Texas market, said John Lincoln, a senior vice president at the real estate investment firm.
At full build-out, the partnership behind Overland Grove could take up to eight years to develop more 1,000 home lots, depending on the market.
Initially, Wynne/Jackson will begin constructing nearly 330 homes, with builders Taylor Morrison and CalAtlantic Homes expected to begin construction by April 2019.
Other portions of the initial phase of Overland Grove will include infrastructure and a grand entry to the new master-planned community between U.S. 80 and I-20 on FM 548.
“We are projecting 150 to 200 home sales a year for the next five to eight years, assuming the market continues to be strong,” Jackson said.
The average cost of a home at Overland Grove is about $300,000. Homes will range from $275,000 to $400,000.
“These will be nice, quality homes, but we aren’t going for super high-end homes,” Jackson said. “We will have first-time and second-time home buyers that want a highly-amenitized community with pools, open space, trails and all those great things buyers want while being 20 minutes from downtown Dallas.”
“Our residents will be able to buy a new home for $300,000, which you can’t really get in the northern suburbs,” he added.
Landmark Bank has provided construction financing for the initial 327 home lots at Overland Grove, which will be built in an agricultural style, featuring fruit-bearing orchard trees and gardens.
Wynne/Jackson, which has built in Forney since the early 2000s, has spent the last three years working with the city on Overland Grove.