RESIDENTIAL INVESTMENT LEADER RESMARK ANNOUNCES ENTRY INTO DALLAS MARKET, CONTINUING TEXAS EXPANSION
Joint Venture Investment with Dallas-based Grenadier Homes for the Development of 198 Single Family Attached Villas & Townhomes at Windsong Ranch
The Resmark Companies, a leading private equity real estate company, is entering the Dallas residential market with an investment in the development of 198 Single Family Attached townhomes in two new neighborhoods at Windsong Ranch in a joint venture partnership with Dallas-based Grenadier Homes. The investment represents the only remaining single family attached home development opportunity planned within the highly regarded Windsong Ranch master planned community in Prosper, TX.
“Resmark was attracted to Grenadier Homes’ reputation as one of the finest boutique homebuilders in the Dallas Metroplex and we are excited to partner with them on our first investment in the Dallas market,” said Michael Zarola, Senior Vice President of Investments for Resmark’s Land and Housing division. “The company has a keen appreciation for community living, grasps the economic needs of the regions diverse homebuyers and flawlessly integrates that understanding into its lifestyle-driven homes. The Villas and Townhome product at Windsong Ranch truly represent Grenadier’s unique abilities,” he noted.
Resmark and Grenadier will partner on the second phase of the successful Villas at Windsong Ranch community for the development of 88 single family attached one-story villa townhomes. A new townhome line of 110 single family attached two-story townhomes within Windsong Ranch will also be part of the investment. Sales are expected to begin in summer 2019 with first occupancies in late 2019 and completion in summer 2023.
Grenadier has been active at Windsong with the sale of its Villas since 2016, having sold 80% of its first phase of 114 Villas.
“We are pleased to partner with Resmark with this investment in Windsong Ranch,” said John Egnatis, CEO of Grenadier Homes. “We appreciate the common vision we share for both the marketplace and the way we approach business relations collaboratively. Beginning the relationship with an already-successful Windsong Ranch community is a great launching point.” He added, “Our Villa program has already met with success and we are excited to introduce our new Townhomes, as both offer a great value within the award-winning master plan.”
The Villas at Windsong Ranch will be single-story plans with two to three bedrooms, two-car garages and small private yards and/or patios. These will be built with Grenadier’s Universal Design that includes features engineered for residents with limited mobility such as doorways, halls, appliances, faucets, showers and other items. Buyers will have the option to add a second story for another bedroom or flex space. The villas will range in size from 1,301 to 1,766 square feet. The homes have resonated with the 55+ buyer profile segment, one of the fastest growing population segments in the Dallas-Fort Worth Metro Area.
The 110 townhomes will be a new design for Grenadier at Windsong Ranch. These units plan on targeting households 25-44 years of age, another fast-growing demographic segment in the market. Many will be young families focusing on affordability in a desirable master planned community. The two-story townhomes will feature three bedrooms, two-car garages and small private yards and/or patios. They will range from 1,897 to 2,098 square feet.
Both the Villas and the Townhomes offer professional community management of the exteriors and grounds, along with a highly cost-effective home ownership from savings by living a smart-sized lifestyle.
Windsong Ranch is located in Prosper, 30 miles north of downtown Dallas. It is a preferred home market for buyers looking for a value-oriented home in a suburban location, direct access to employers via the Dallas North Tollway, a well-regarded school district and proximity to retail and services.
Windsong Ranch is recognized for its exceptional open spaces that will center around a five-acre, state-of-the-art lagoon now under construction by Crystal Lagoons. The lagoon is part of the community’s open spaces that encompass 600+ acres of lakes, parks, greens, bike and hiking trails. The master plan also offers resort-style amenities such as a pool and cabanas, fitness center and children’s splash park.