Forney, Texas – An investment firm has purchased the 925-acre master-planned community of Devonshire on Farm-to-Market (FM) 548 from Hunt Properties. Wheelock Street Capital announced the acquisition via a Business Wire press release earlier today.
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Not much will change, if anything, in day-to-day operations for Devonshire residents. Both Hunt Properties and Wheelock Street Capital utilize property management company Manna Land of Southlake, Texas, which will continue the management of Devonshire it began in 2009. Wheelock Street Capital will develop and market Devonshire.
Today, the community has built and sold approximately 250 homes of the 3,000 residences approved in its original master plan. According to its latest master plan drawings, the development will span from FM 548 to Ranch Road where it will have five additional entrances to the community. A Forney Independent School District campus is also proposed within the development.
Hunt Properties has made significant investments in Forney including the Forney Marketplace – which is home to the soon-to-open Kroger Marketplace, Fred Meyer Jewelers, and Starbucks.
Current builders in Devonshire include Altura Homes, LionsGate Homes, Highland Homes, and Lillian Custom Homes.
"We're proud to expand our investment in the Metroplex with a second high-quality master-planned community that's affordably priced and well located in the path of job growth,” stated Mike Rafferty, Wheelock’s regional partner for Texas, in the Business Wire press release. “Texas is our most robust market, and we continue to search for additional residential opportunities throughout the state.”
Correction: The original story stated Herbert Hunt as making investments in the Forney Marketplace development. Hunt Properties is the developer for the Forney Marketplace. Herbert Hunt is involved in the private-public venture at the Forney Gateway bridge and approximately 1,450 developable acres known as the Meadow Ridge Farms development north of U.S. Highway 80.
Today, the community has built and sold approximately 250 homes of the 3,000 residences approved in its original master plan. According to its latest master plan drawings, the development will span from FM 548 to Ranch Road where it will have five additional entrances to the community. A Forney Independent School District campus is also proposed within the development.
Hunt Properties has made significant investments in Forney including the Forney Marketplace – which is home to the soon-to-open Kroger Marketplace, Fred Meyer Jewelers, and Starbucks.
Current builders in Devonshire include Altura Homes, LionsGate Homes, Highland Homes, and Lillian Custom Homes.
"We're proud to expand our investment in the Metroplex with a second high-quality master-planned community that's affordably priced and well located in the path of job growth,” stated Mike Rafferty, Wheelock’s regional partner for Texas, in the Business Wire press release. “Texas is our most robust market, and we continue to search for additional residential opportunities throughout the state.”
Correction: The original story stated Herbert Hunt as making investments in the Forney Marketplace development. Hunt Properties is the developer for the Forney Marketplace. Herbert Hunt is involved in the private-public venture at the Forney Gateway bridge and approximately 1,450 developable acres known as the Meadow Ridge Farms development north of U.S. Highway 80.