Megatel Homes, a Texas-based homebuilder that funds part of its operations through private placements offered by its capital markets division Megatel Capital Investment (MCI), has secured a 116-lot subdivision for Pleasant Run Estates, a residential development located in Ellis County, south of Dallas. Once developed, the approximately $30 million development will include 116 single-family homes.
Ranging in size from 1,750 square feet to 3,400 square feet, homes in the community are priced between $230,000 and $330,000.
Pleasant Run Estates is projected to be completed within the next 18 months. Pre-selling of lots will begin in mid-March and model homes are scheduled to open by June 2021. Financing for the project was mostly provided by Megatel Capital Investment.
“Pleasant Run Estates is well-located in the Lancaster region of Ellis County where there is significant job growth and demand for quality housing,” said Zach Ipour, co-founder. “Walmart is currently building larger fulfillment centers in Lancaster in an effort to support the e-commerce growth in the Dallas market. These fulfillment centers are projected to bring more than 1,300 jobs to the area.”
Ipour explained that job growth in the Lancaster area is expected to positively affect new home sales in the newly acquired subdivision. “The opportunity to develop Pleasant Run Estates was one that we could not turn down. We are pleased to have the opportunity to develop in this growing area and to provide residents with a high-quality residential housing option with convenient access to employers.”
Megatel Homes was founded in 2006 and has completed more than 100 developments, comprised of several thousand homes, across the states of Texas and Oklahoma.