FORT WORTH, Texas, Nov. 21, 2019 /PRNewswire/ -- Real estate investment and development company PMB Capital has announced its purchase of over 3,400 acres in Wise County for a large-scale development of more than 10,000 homes as well as significant commercial space. Located north of Fort Worth near the intersection of Highway 114 and Highway 287, the projected value of the development is in excess of $3.5 billion at buildout. PMB purchased the land in one of the perennially top-performing submarkets for residential home sales in DFW. Offering new housing options in a large master-planned community will allow PMB to continue to serve an already well-established submarket for homebuilders and, ultimately, homebuyers.
Positioned within the Northwest Independent School District, the expansive new development will feature more than three miles of frontage along Highway 287. Home prices are anticipated to range from the $200,000s to over $500,000. PMB will offer unique amenities focused on enjoying the outdoors, including over 800 acres of open space and an extensive trail system developed around existing lakes, seasonal creeks and natural springs. The project will offer housing options for prospective buyers in all stages of life and includes existing elementary and middle schools on site today.
"This purchase is an investment in a well-established corridor for residential construction and will provide attainable housing options for people working at Alliance Airport, downtown Fort Worth and the surrounding areas. More so, this is a long-term bet on the demand for reasonably priced single-family homes in DFW," says PMB Capital Partner Peter Pincoffs. "We are working hand in hand with city staff in Rhome and Newark on entitlements and infrastructure to serve the project and look forward to starting construction on our first phase in 2020."
DFW has created over 910,000 new jobs in the last 10 years and homebuilders have started construction on less than 255,000 new single-family homes in the same period. The resulting supply shortage has created affordability challenges across the market for land developers, homebuilders and homebuyers. PMB was uniquely positioned to address these challenges in a meaningful way with the purchase of this property.
Additional information about PMB Capital's newest large-scale residential development project can be found at www.pmbinv.com. Further details will be shared in the coming months, including the development name and builder partners.
ABOUT PMB CAPITAL
PMB Capital is a privately-held real estate investment and development company based in Dallas, TX. The company is actively developing 7 communities across the DFW metroplex, with several more in the pipeline. In addition to development, the firm launched and is actively growing PMB Lending, a non-recourse financing source for residential developers. Through each of its businesses, the company primarily targets major cities in the southwestern US with strong population growth projections. For more information, please visit: www.pmbinv.com.
SOURCE PMB Capital