DALLAS--Hillwood Communities has closed on a 755-acre, $700 million residential community called Wolf Ranch in Georgetown, Texas. Wolf Ranch consists of two separate tracts located off of Wolf Ranch Parkway and Highway 29.

“The city of Georgetown is currently witnessing extraordinary growth, and we believe this is the ideal time to create a master-planned community that meets its changing needs,” says Brian Carlock, senior vice president of Hillwood Communities. “We look forward to building what will be Georgetown's largest master planned community as more families move to the area for the outstanding quality of life, school districts and Hill Country views.”

Wolf Ranch will include approximately 1,700 single-family homes, 388 multifamily units, 350 age-targeted units and 20 acres of commercial development. Home prices are expected to range from the high $200,000s to around $550,000. Groundbreaking is expected to occur in the middle of 2015, with model homes available the following spring.