Dallas-based master-planned community developer Hillwood Communities, a Ross Perot Jr.-owned company, has closed on 244 additional acres in Celina from the Wells family to expand its $500 million, 1,250-home community.
The deal is the second part of a land deal brokered by Hillwood Communities. Last year, the Dallas-based firm acquired 400 acres of Wells family land.
“It was our good fortune to partner with the Wells family last year,” said Perot, in a written statement.
“Given the rapid economic growth in North Dallas, we are honored to develop another residential community on this historical land to present those moving to the city with a choice to live in a first-class community,” he added.
All in, the expanded development totaling 644 acres is expected to cost $800 million at the build-out of 2,150 homes.
Hillwood Communities senior vice president Brian Carlock said the master-planned community developer is actively seeking to partner with other landowners and cities in Dallas-Fort Worth and other major Texas metro markets to develop residential and mixed-use communities.