Dallas-based master-planned community developer — Hillwood Communities — has closed on six tracts of land totaling 345 acres that will add more than 1,000 new home lots to two existing communities in Collin and Denton counties.
The added home lots come at a time when new home construction has been hobbled because of limited homebuilder bandwidth, which includes rising material costs and labor shortages. With that, home prices have skyrocketed 43.3 percent in North Texas in the past five years.
“As North Texas continues to experience great success, we look forward to growing our Liberty and Union Park communities,” said Brian Carlock, senior vice president of acquisitions for the Dallas-based community development firm, in a statement.
“Expanding the footprint of our existing communities gives us the exciting opportunity to best serve growing hombuyers needs with a well-designed master planned community and a choice of high-demand amenities,” he added.