Lennar buys more land for homes in Bear Creek Riverwalk in Euless
06/22/2014 12:00 AM
06/21/2014 11:03 AM
The national home builder Lennar Corp. has bought 13 more acres in the Bear Creek Riverwalk development in Euless.
Last year, Lennar bought 55 acres in Bear Creek Riverwalk, at the northwest corner of Airport Freeway and Texas 360. Lennar is building 200 homes there and calling the development Dominion at Bear Creek.
The company said it will build about 60 homes on the newly acquired land. Construction won’t begin until 2015, the company said.
“We are very pleased with the positive response to our Dominion at Bear Creek Development, and we are happy to expand our commitment to this community,” Greg Urech, Lennar’s vice president of land and acquisitions, said in a statement.
Lennar bought the land from Stratford Land, which started Bear Creek Riverwalk, a residential and commercial development, in 2011 when it bought 194 acres from a California group that had owned the land since 1993. Stratford said it will begin the commercial development when more homes are built.
About 70 acres are set aside for commercial development of shops and restaurants. When completed, Riverwalk will have about 480 single-family homes, 250 town homes and about 500 apartments.
Andrew Prine of Stratford Group and Tim Coltart of Realty Capital Management brokered the latest deal.
Lennar is based in Miami.
Houston-area firm buys industrial land
Frontier Logistics in La Porte has acquired 31.3 acres in the Railhead Industrial Park in north Fort Worth, deed records show.
The land is at 4900 N. Railhead Road, 4955 Iron Crossing Drive and 601 NE Loop 820. The land was sold by Zephyr Rail Industrial, a partnership of USAA Real Estate Co. in San Antonio.
The company did not respond to requests for comment on plans for the property.
Frontier Logistics has 10 facilities, six in the greater Houston area and in Laredo, Longview and Port Lavaca, plus North Charleston, S.C.
USAA Real Estate is a subsidiary of USAA, a financial services company for military families. It created Zephyr Rail Industrial in 2004 and bought about 220 acres.
Railhead is a 633-acre industrial park at Northeast Loop 820 and Blue Mound Road.
Fort Worth apartments sold
The Lodge, a 136-unit apartment community at 6500 Oakland Hills Drive in Fort Worth, has been sold to New York-based Iliad Properties.
William Migneault sold the complex. Terms were not disclosed.
Iliad Properties said it will make interior and exterior improvements. Iliad has seven properties in Tarrant County and expects an acquisition in the Woodhaven area of Fort Worth this year.
Chris Deuillet of CBRE negotiated the sale.
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