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Fairfield Residential Making Back-to-Back Land Buys

EULESS, TX-Fairfield Residential has spent about $1.7 million for 14.7 acres in the Villages of Bear Creek and is nearing the closing date for a 10-acre buy. With two of the three remaining tracts in hand, Fairfield is talking about picking up the balance.

By Connie Gore | Updated on June 25, 2001

EULESS, TX-Back-to-back land buys will put two of the three remaining multifamily-zoned parcels of the 700-acre, mixed-use Villages of Bear Creek in Euless into the development hands of California-based Fairfield Residential Inc.

Talks are under way for the remaining tract with landowner Bennett Realty Group of San Ramon, CA, Barry Howard, Fairfield’s development representative in Dallas, tells GlobeSt.com. But the lone 7 1/2-acre parcel, which is not yet under contract by Fairfield, could prove to be too small for the developer’s building strategy. Fairfield Residential has just closed on a 14.7-acre tract and is expected to finalize a 10-acre sale in the coming days.

According to Bennett Realty’s Web site, Fairfield Bear Creek LLC paid $7,230 per apartment unit for the land or nearly $1.7 million just for the 14.7 acres, based on the 234-unit project that is being planned.

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