Tuesday, March 31, 2015
New apartments on the way in Prosper’s Windsong Ranch
The North Texas apartment building boom has jumped north of Frisco with a new development in Prosper.
Atlanta-based apartment builder Davis Development has purchased 26 acres at the entrance to the Windsong Ranch community north of U.S. Highway 380 where it plans a new project.
Davis Development plans to build a 300-unit, townhouse-style rental community on the property, which is near the northeast corner of U.S. 380 and Gee Road.
“We found this to be an ideal location for our latest D-FW multifamily project, with its proximity to a great new retail center and Prosper ISD schools,” Gene Babb with Davis Development said in a statement.
Davis Development bought the property from Windsong Ranch developer Terre Verde Group.
The apartment building site is next door to where a new shopping center anchored by a Kroger supermarket is in the works.
Ken Reimer, Edward Bogel and David Davidson Jr. of Venture Commercial brokered the land sale.
Windsong Ranch is planned to contain more than 3,000 houses and has already completed the first three phases of homes.
This will be the first rental project in the $1.2 billion community.
“Luxury rental has become a preferred housing option for many millennials who are delaying the purchase of their first home,” said Craig Martin a founder of Terra Verde Group. “We also see luxury rental appealing to relocating families that choose to rent until they find the right home or while their home is being built nearby.”
Steve Brown, The Dallas Morning News