New community in Collin County could bring more than 1,700 homes, plus rentals
A North Texas-based national builder and developer is adding another large community in a Collin County town where it already has plans for thousands of homes.
Plano-based Green Brick Partners Inc. has purchased 427 acres in Princeton south of County Road 398 and west of County Road 447 to develop a residential community called Windmore, the company announced Tuesday.
The community will include up to 1,762 single family homes for sale, 225 single family homes for rent, parks and approximately 4 acres of commercial properties. Green Brick will build homes on the site under its Trophy Signature Homes brand.
Windmore will be one of Green Brick’s first communities with a single-family rental component. The company has not selected a builder for the homes built for rental.
Jed Dolson, chief operating officer and executive vice president of Green Brick, said with prices rising so high at McKinney, Princeton has become a close alternative. It’s one of the last remaining large single-family plots in the Princeton area, according to Green Brick.
“As we look for new opportunities, we really felt this was one of the last great opportunities in Princeton,” Dolson said, noting that the company is pursuing projects further afield in towns such as Farmersville and Lavon. . “Princeton is starting to look a lot like the old McKinney. These are relatively affordable homes close to job centers.
Green Brick has several other projects underway nearby, including Eastridge and Southridge in Princeton and Lakehaven in Farmersville. The company owns or controls 3,523 hospitality sites in Princeton. Construction of Eastridge – which will eventually have more than 2,300 homes – will begin this summer.
Jordan Cortez and Mason John of Dallas-based real estate and capital markets advisory firm Vanguard REA represented Green Brick in the transaction. Charles McKissick of RES Real Estate Services represented the seller.
Green Brick plans to spend approximately $285 million on land development and deliver 4,700 residential sites to its homebuilder affiliates in 43 communities this year. Its subsidiaries include Trophy Signature Homes, CB Jeni Homes, Normandy Homes and Southgate Homes.