A developer said it has sold a 1,800-acre site northwest of Dallas to homebuilding giant Lennar for more than 4,000 rooftops in the fast-growing Sun Belt region.
Rockhill Capital & Investments said the deal in New Fairview, Texas, will bring the homes and unspecified multifamily units to Ranchland near County Line Road and Farm to Market Road 407. Terms were not disclosed.
Development at Ranchland is expected to begin in the summer, with new homes available by 2028, according to Rockhill.
The Dallas-Fort Worth region, with a population of more than 8.1 million, added nearly 152,600 residents between mid-2022 and mid-2023. That's more than any other U.S. metropolitan area, according to the latest U.S. Census Bureau figures. As a result, developers are scouring North Texas for lots for new homes to accommodate growing demand.
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Rockhill said it acquired the 1,807 acres in 2022 and spent a year getting zoning approvals for a development and city center.
“At Rockhill, we strive to identify desirable, high-potential land opportunities and work alongside cities to understand their own visions for growth,” CEO Ryan Griffin said in a statement. "We worked closely with the City of New Fairview to envision a thriving new master-planned community."
Ranchland straddles Wise and Denton counties and is about 30 miles from Fort Worth and 45 miles from Dallas.
"This community will offer something for everyone: beautiful homes for all stages of life, a vibrant town square, schools, parks, commercial spaces and a host of amenities that bring people together," said Greg Mayberry, division president of Lennar, in a statement.
A spokesperson for Lennar said the company couldn't provide additional details at this time.
Miami-based Lennar is the nation's second-largest U.S. homebuilder based on 73,087 closings in 2023, according to the most recent rankings by Builder magazine. Lennar ranks first by revenue, edging D.R. Horton with $32.4 billion in 2023.
Last fall, Rockhill of Frisco, Texas, announced the acquisition of 116 acres in Anna, Texas, about 45 miles north of Dallas. It said it plans to sell 325 lots to homebuilders, with Taylor Morrison of Scottsdale, Arizona, expected to break ground first this year. Rockhill also has housing projects in the Texas cities of Celina, Sherman and Howe.