DallasNews.com | By Steve Brown | October 8, 2018
More than 900 acres of land in Kaufman County southeast of Dallas will be turned into a 3,100-home residential community.
SOCFM Developer LLC acquired the Wildcat Ranch, between Interstate 20 and U.S. Highway 175 near Crandall, for the project. Plans are to have the first homes ready by the end of next year, with prices starting in the $200,000s.
“The phenomenal growth in Kaufman County and the opportunity to provide a well-planned community to value-conscious homebuyers in the metroplex attracted us to this property,” Patrick Sessions, managing partner of SOCFM Developer LLC, said in a statement. “We’re looking forward to doing business in the city of Crandall and bringing a quality development to the area.”
Commercial mortgage lender Trez Capital provided project acquisition and development funding for the deal. And PMB Capital Investments of Dallas will partner in the development.
Prominent builders including KB Home, Beazer Homes and D.R. Horton will construct houses in the community. Wildcat Ranch also has a newly built elementary school that will open next year.
The project is near the successful Heartland housing community in Kaufman County.
The new owners acquired the Wildcat Ranch from developer James Mabrey, who assembled the property.
“Wildcat Ranch is in an excellent location and will fulfill the demand for first-time buyers or those looking to downsize,” said Matt Mildren, partner at PMB Capital Investments. “It will be a great option for homebuyers who want a small-town community feel within 30 minutes of downtown.”
The new residential community is coming in an area that is already seeing huge demand from buyers hunting moderate-priced housing. Kaufman County’s population of 122,883 grew nearly 10 percent from 2016 to 2017.
“This is going to be very affordable housing,” said Ted Wilson with Residential Strategies Inc. “The appetite for homes is huge down there. I think these will be some of the most affordable lots in a master-planned setting you will be able to find in the DFW area.”
Wilson said builders have sold more than 1,800 new houses in that area in the 12 months ending in September. The Heartland and Devonshire communities have seen the most new-home purchases, he said.
SOCFM Developer’s Sessions is also a partner and manager of Southstar Woodcreek, the firm that is developing the Woodcreek community in Rockwall County.
Dallas-based Trez Capital has financed more than $1.7 billion in real estate projects since 2011. And PMB Capital has developed more than 5,000 residential building lots and more than $750 million in real estate acquisitions.
To read the original article: Dallas News
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