McKINNEY, TX—Investment firm 2GR Equity said Tuesday it had entered into a joint venture with Dallas-based developer Wynne/Jackson. The newly formed JV has acquired approximately 124 acres in McKinney, which has received preliminary plat approval for development into a maximum of 316 single-family residential lots. The JV plans to develop the property, known as Wilmeth Ridge, in two phases.

Wynne/Jackson began its study of this area in 2013. It identified this particular submarket as appealing for its location in the McKinney ETJ and within Prosper Independent School District, which is ranked seventh among all school districts in the Dallas/Fort Worth Metroplex by Niche Academics.

The three separate landowners for the site assemblage were all under contract by August 2013, annexation and zoning of all three parcels was complete by December of that year and the preliminary plat approval was granted by the City of McKinney this past October. Two of the Metroplex's top homebuilders, Grand Homes and Shaddock Homes, have executed contacts for all lots in Phase I of the project.

This is the first lot development investment sponsored by 2GR, and also marks the first JV between the firm and Wynne/Jackson. Observes Isaac Gregory, a principal of 2GR, Wynne/Jackson has been a top residential lot developer in the DFW market for years, and their expertise in this product type coupled with their ability to position the property in a manner that greatly reduced our market and entitlement risk proved to be the deciding factor in our participation in this opportunity.”

This is the 17th transaction closed by Grapevine, TX-based 2GR since its formation in March 2011 by principals Issac Gregory, David Gregory and Elizabeth Roll. The firm has now provided JV equity on commercial real estate transactions representing approximately $170 million in total capitalization through investments in multifamily, retail, industrial, hospitality, land, seniors housing and medical office. Since its founding in the early 1980s, Wynne/Jackson has developed properties worth in excess of $1 billion and has provided asset and property management, leasing, marketing, and consulting services on over $1.5 billion of real estate developments and projects and over 10,000 residential lots.