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HPI Real Estate Services & Investments, headquartered in Austin, acquired 55 acres in north Fort Worth, the seller, Davidson Bogel Real Estate, announced this week.
The property is at the southeast corner of Bonds Ranch Road and Blue Mound Road.
HPI’s plans include construction of 636 multifamily rental units, and about 193 single-family rental units with attached garages and yards.
Company officials plan to break ground in early 2023 with residents moving in the next year.
“We are focused on growing our North Texas portfolio as it is one of the strongest real estate markets in the country,” says Tim Shaughnessy, president of HPI Multifamily. “Strong employment and population growth in the Alliance Corridor have created a demand for high-quality rental housing.”
Collins Meier, Ryan Turner, David Davidson Jr., and Edward Bogel of Davidson & Bogel Real Estate brokered the transaction.
“The demand for rental product continues to accelerate with growth in renters by choice and as home buyers battle rising interest rates paired with historically high home prices,” says David Davidson Jr., co-founder of Davidson Bogel Real Estate.
HPI Real Estate Services & Investments is a full-service commercial real estate firm with offices in Austin, Dallas, Houston, and San Antonio.