Green Brick Partners closed on the purchase of approximately 427 acres in Princeton, Texas, for the development of its newest residential community, Windmore.
Windmore will be located south of County Road 398 and west of County Road 447, on one of the last large remaining single-family tracts in the Princeton area, according to Green Brick Partners. The builder is developing three additional communities in or near Princeton: Eastridge in Princeton with more than 2,300 homes, Southridge in Princeton with more than 800 homes, and Lakehaven in Farmersville with more than 1,800 homes.
“The site represented an excellent opportunity for Green Brick to further expand in Princeton. They already have multiple developments ongoing in the area, and this allows them to also secure a significant foothold south of 380,” says Jordan Cortex, managing principal of Dallas-based real estate advisory and capital markets firm Vanguard REA. “During the contractual process, they secured entitlements through a development agreement with the city for up to 1,762 single-family homes, 225, build-to-rent single-family units, and approximately 4 acres of commercial.”
In addition to the planned single-family homes, Windmore will feature an amenity center, a 15-acre public park, neighborhood parks, and a retail component. Trophy Signature Homes, a subsidiary builder brand of Green Brick Partners, will bring a mixture of 50- and 60-foot homesites in the for-sale component of the community.
“This development, along with our other large nearby communities of Lakehaven, Southridge, and Eastridge, will be critical in bringing much-needed new homes to DFW,” says Jed Dolson, chief operating officer and executive vice president of Green Brick Partners. “This coming year, excluding capital invested buying land and finished lots, we intend to spend approximately $285 million developing lots, with the goal of delivering over 4,700 finished homesites to our subsidiary home builders across 43 communities throughout 2022.”
Green Brick Partners currently owns or controls 3,523 homesites in Princeton and will begin construction of homes in Eastridge in the summer.
