Construction on the new district, which will include approximately 4,000 single-family homes, is expected to begin in late 2024.
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Despite a difficult capital market, Dallas-based Hillwood Communities managed to close a significant deal last week securing a large amount of land to develop a nature-centered residential community in Celina.
The identity of the seller was not immediately disclosed.
The new district will have about 4,000 single-family homes, with construction expected to begin in late 2024 and open near the end of 2025, according to a Jan. 30 announcement.
This is Hillwood's fourth project in the rapidly growing city of Celina in Collin County. Others include Bluewood, Liliana and Glen Crossing, a joint partnership with Win Jackson.
Total investment is expected to be more than $2 billion, with homes expected to cost an average of about $600,000.
“We're trying to offer a great product at a somewhat affordable price,” said Brian Carlock, Hillwood's senior vice president.
The development spans 1,380 acres from Preston Road to Custer Road, just two miles north of quaint downtown Celina. Conceived during a three-day design and innovation workshop, Rumble promises to feature rolling hills, lakes, parks and open spaces for an “immersive nature experience”.
“Right now, Celina is a commuter-based community. There's a pretty good chance you're commuting to Frisco or some other employment center, so when you get home, it's about relaxing. It's a good way to slow down and enjoy a little bit. What should I do with your home? “There's no better way than being outdoors and doing activities in nature,” Carlock said.
Carlock said lush trails thanks to acres of surrounding mature oak trees and a hill that marks the highest point in Collin County are just some of the unique elements of the property. .
“No matter where you are in the country, nature and trails are number one or two in terms of most desired amenities,” he says.
In addition to future neighborhood retail development, amenities such as meeting areas and play areas will be scattered throughout the development over time.
Home builders employed in the area include American Legend Homes, Coventry Homes, Drees Custom Homes, Highland Homes, and Perry Homes. The developer aims to build more than 700 homes by the end of 2025 as part of the project's first phase of construction.
Neighborhood environment further fuels Celina's rapid growth
Rumble by Hillwood represents another step in the North Texas city's transformation, an effort that involved Hillwood Development Company LLC, founded in 1988 by real estate mogul Ross Perot Jr., and a number of other companies.
“Celina is one of the fastest growing cities in North Texas,” Ted Wilson, president of consulting firm Residential Strategies, said in a statement. “Currently delivering 2,500 new homes per year, which is expected to double in the coming years, the submarket is particularly attractive to migrants moving to the area.”
Mr Carlock said Hillwood's private ownership was advantageous when it came to securing new properties despite the tight construction market and widespread capital constraints.
In addition to Rumble, Hillwood plans to begin serving Denton's Hunter Ranch neighborhood, Justin's Treeline, and Southeast Houston's Legacy neighborhood in 2025. It will also be added to three master-planned communities in North Texas: Pecan Square in Northlake and Union Park. At Little Elm and Argyle Harvest.
“We can invest equity and the necessary debt together, and I would say not many people can actually do that,” Carlock said. “I think that's why we've been so successful over the past 18 months on some of these large projects. We're not as reliant on any kind of institutional capital.”
Additionally, single-family home building permits in Celina increased by 52% in 2023, with the city issuing a total of 2,503, according to data compiled by Tomlin Investments. The suburb was a bright spot for home construction in the area last year.
Carlock noted that 2025 will be Hillwood's busiest production year to date.
Hillwood was represented in the purchase by David Davidson of Davidson Real Estate. The private seller is represented by Van Nichols of Nichols Land Company, who said his client wants to partner with a developer like Hillwood, which has a track record of building successful communities in Celina. Ta.
“It was important to work with a respected local developer to realize our vision,” Nichols said in a statement.
