DALLAS—Dallas-based RCP Properties LLC is investing in the development of a residential community called The Highlands in Northlake, north of Fort Worth.
Located on 363 acres off FM 407 along I-35W, the 220 one-acre-plus-lot community is approximately 10 miles north of AllianceTexas. Realty Capital Management of Las Colinas will develop the project.
“We are very excited to invest in this residential lot development project that will offer one-acre-plus lots for custom homebuilders,” said Blake Lugash, president of RCP, to GlobeSt.com. “The homebuilders have been telling us they need more lots in high quality communities to build on so they can keep up with the strong homebuyer demand.”
In addition to the equity funding from RCP, the project has also secured $4.385 million in infrastructure reimbursements from the Highlands Public Improvement District.
“The homebuilders follow where the homeowners want to be, and the I-35/Alliance corridor is one of the fastest growing submarkets in North Texas,” Lugash said. “The Highlands offers families a great place to call home with convenient access to major employment centers for the parents and open spaces, miles of hike-and-bike trails and access to Northwest ISD schools for the kids.”
Twelve lots have been pre-sold to custom homebuilders with lot construction slated to begin by October 1. The first 66 lots in the three-phase project are expected to be delivered by next summer.
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