New Eastridge Development to Add Over 2,400 Homes to Princeton, Texas’ Residential Offering

Rhea-AI Summary

Green Brick Partners has successfully acquired approximately 2,400 homesites in Princeton, Texas, valued at around $640 million for the Eastridge community. This project, in collaboration with Meritage Homes, will include a blend of single-family homesites and amenities such as parks and trails. Anticipated presales will start in late 2022, addressing the growing demand for homes in the area. Homes by Trophy Signature will be priced from the mid $200,000s, while Meritage will offer options starting in the low $200,000s, emphasizing energy efficiency.

Positive

• Acquisition of 2,400 homesites valued at approximately $640 million.
• Strategic partnership with Meritage Homes and Trophy Signature Homes to meet housing demand.
• Projected presales for Eastridge community set to begin in late 2022.
• Homes priced competitively starting from the mid $200,000s, appealing to first-time buyers.
• Community development includes amenities like parks, trails, and an amenity center.

Negative

• None.

PRINCETON, Texas, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Green Brick Partners Inc. in partnership with Meritage Homes, has closed on the purchase of approximately 2,400 homesites with a total build-out value of circa $640 million for the development of Eastridge, Princeton, Texas’ newest residential community. The community will be a 50/50 partnership between Meritage Homes and Trophy Signature Homes, a subsidiary of Green Brick Partners. The 547-acre community will feature a mixture of 40’, 50’, and 60’ single-family homesites.

Eastridge will be located at the corner of Longneck Road and New Hope Road East in Princeton, about 40 minutes northeast of Dallas. The community will be in close proximity to several area highways including Highway 121, U.S. 380, and Highway 75, allowing residents to benefit from both a short commute and a small-town atmosphere.

"The Eastridge development is going to be a great addition to the City of Princeton. The developer has a clear understanding on what it takes to bring in a quality development. With the amenities, parks, hike and bike trails, property for emergency services, and good quality builders, I am confident that Eastridge will be a success, and a place where the citizens of Princeton can raise their families and experience enjoyment for a lifetime," said Princeton City Manager Derek Borg.

Upon completion of the multi-phase community, Eastridge will include an amenity center and nearly 90 acres of parks and open spaces for residents to enjoy.

“Demand for homes in north DFW has continued to grow exponentially, and Princeton is no exception,” said Jed Dolson, chief operating officer and executive vice president of Green Brick Partners. “We have seen remarkable interest from buyers in our neighboring Brookside community, and knew that growing our presence in Princeton was the next step in meeting the market’s growing need for quality homes.”

Trophy Signature Homes will be offering their Trophy and Texas Tree Series of homes with 3-5 bed and 2-4 bath plans averaging 2,000 square feet. As with every Trophy Signature Homes community, all upgrades including engineered wood floors, cooktops with built in ranges and café hoods, will be included as standard features. The homes will be priced competitively, starting in the mid $200’s to the $300’s. Each home constructed by Trophy Signature Homes is built following the company’s tried and true values of effort, commitment, and respect, translating into supreme attention to detail and unparalleled focus on every home buyer.

“We view this as a tremendous opportunity to expand our footprint of energy-efficient, thoughtfully designed, affordable homes in Princeton,” said Austin Woffinden, Dallas division president at Meritage Homes. “An exciting opportunity for future homeowners, Meritage homes at Eastridge are projected to start in the low $200,000s, with access to exclusive onsite amenities and sought-after McKinney schools.”

Meritage Homes plans to build approximately 1,200 single-family LiVE.NOW.^® homes in Princeton, offering buyers a wide variety of floorplans that will be built on homesites ranging from 40’ - 60’. With demand for new homes increasing among first-time buyers who want to escape escalating rents, Meritage offers a streamlined homebuying experience for first-time buyers by providing a one-stop shop for sales and design at the community. With Meritage Homes’ LiVE.NOW.^® offerings, buyers can select quick move-in options featuring the latest design trends. Designed to appeal to families or empty nesters, homes are expected to start in the low $200,000s. Every home Meritage builds in its 25 DFW-area communities showcases the company’s commitment to providing incredibly energy-efficient homes that help customers save on utility bills.

The land for Eastridge was sold by an affiliate of Astra Development. Davey Davis represented the seller as broker, and Kimley-Horn & Associates serves as the land planner and civil engineer on the project.

In July 2019, Astra Development purchased the property, a portion of which was located in unincorporated Collin County and the remainder in the City of Princeton’s extraterritorial jurisdiction. Over the next 18 months, the City of Princeton worked with Astra to solve jurisdictional issues and extend utilities approximately two miles to serve the project. A development agreement was approved by Princeton in October 2020, allowing Astra to obtain approval of a favorable concept plan for the project, along with a Public Improvement District and Tax Increment Reinvestment Zone, creating substantial value for Green Brick Partners and Meritage.

“We believe these entitlements will make this the most competitive project in Princeton for these builders, while allowing for a high-quality, master-planned community within the expanded city limits of the City of Princeton,” noted Justin Bono, founder and president of Astra Development. Astra Development currently controls approximately 2,500 acres for future residential development in various locations across Collin and Denton counties which are expected to yield more than 7,500 future lots.

Eastridge is anticipated to open for presales in late 2022. For additional information please visit www.trophysignaturehomes.com and www.meritagehomes.com.

About Astra Development

Astra Development acquires land and develops residential projects in the Dallas/Fort Worth Metroplex and other select markets.  Astra Development is committed to investing in and developing only quality projects that achieve targeted returns for the company and its investors. To contact Astra Development, please visit the company’s website.

About Meritage Homes Corporation
Meritage Homes is the seventh-largest public homebuilder in the United States, based on homes closed in 2019. Meritage offers a variety of homes that are designed with a focus on first-time and first move-up buyers in Arizona, California, Colorado, Texas, Florida, Georgia, North Carolina, South Carolina and Tennessee. The Company has designed and built over 135,000 homes in its 35-year history, and has a reputation f

FAQ

What is the value of the homesites acquired by Green Brick Partners for the Eastridge community?

Green Brick Partners acquired homesites valued at approximately $640 million for the Eastridge community.

When are presales expected to start for the Eastridge community in Princeton, Texas?

Presales for the Eastridge community are anticipated to start in late 2022.

Who are the partners involved in the Eastridge development project?

The Eastridge development project is a partnership between Green Brick Partners, Meritage Homes, and Trophy Signature Homes.

What types of homes will be available at the Eastridge community?

The Eastridge community will offer a variety of single-family homes from Trophy Signature Homes and Meritage Homes with prices starting from the mid $200,000s.

What amenities will be included in the Eastridge community?

The Eastridge community will feature amenities like an amenity center, parks, and hike and bike trails.