Thursday, January 09, 2014

Large residential community east of Dallas has new owner

The Devonshire community in Forney has land for 3,000 homes. (Wheelock Street Capital)

A New England-based investor has purchased a large residential community in Forney east of Dallas.

Wheelock Street Capital said Wednesday that it has acquired the 925-acre Devonshire residential community from Dallas’ Hunt Properties.

The big residential community is planned for 3,000 houses. About 250 homes in the project have been soled.

“We’re proud to expand our investment in the Metroplex with a second high-quality master-planned community that’s affordably priced and well located in the path of job growth,” Mike Rafferty, Wheelock’s regional partner, said in a statement. “Texas is our most robust market, and we continue to search for additional residential opportunities throughout the state.”

Wheelock in Flower Mound is building 1,200-acre community called Canyon Falls. The developer bought the land in 2012.

The Devonshire development is located 20 miles east of Dallas and was begun in 2008.

Homes in the project are priced from more than $100,000 to more than $400,000 with builders including Highland Homes, Lillian Custom Homes, Altura Homes and LionsGate Homes.

The development has a clubhouse and pool complex, an amphitheater, playgrounds and hike-and-bike trails.

Southlake-based Manna Land will manage the Devonshire development.

Since April,Wheelock has purchased more than 22,000 residential lots in California, Colorado, Florida, North Carolina and Texas. The company’s John Wieland Homes is building in Atlanta, Charleston, Charlotte, Nashville and Raleigh.