New Bonds Ranch development will bring 829 units of multifamily housing
A new housing development is popping up on the southeast corner of East Bonds Ranch Road and Blue Mound Road.
Where there are now freshly harvested hay bales spotting the land, the 55 acres will eventually have 829 luxury apartments, townhomes, and detached cottages. The first phase of the project broke ground in October and is estimated to be move-ready in 2027. The development will not be finished until later, though the project’s spokesperson was unsure of when that will be.
The first phase includes 396 one-, two- and three-bedroom apartment units. According to a release, zoning and site plan approval are in place for 240 additional apartments and 193 build-to-rent townhomes and detached cottages. Leasing will range between $1,400-$2,400 per month.
The development is the first in Fort Worth for Texas-based firm HPI Real Estate Services and Investments. HPI Partner Tim Shaughnessy called the area a “trophy location.”
“It took us three years to secure the entitlements necessary to move forward with this project due to the size and complexity of the planned development as well as the challenges of building multifamily in this area,” Shaughnessy said.
What used to be ranch land, the area along Bonds Ranch Road is infamous for its bumper to bumper traffic after continuous growth over recent years.
HPI has offices in the five major Texas cities and has over 30 years of experience developing, managing and investing nationwide.
The company has built and acquired $3.3 billion of real estate encompassing 25 million square feet of office, industrial, storage, senior, retail and multifamily properties, according to the release. The bulk of the real estate firm’s work has been done in Austin.