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 started the final phase of development for a community in the Dallas suburb of Wylie, Texas.
Scheduled for completion in June 2021, the approximately $75 million final phase will include roughly 215 single-family homes. The homes will range in size from 2,100 square feet to 4,500 square feet and will be priced between $290,000 to $400,000.
“The development of the Woodbridge community has been tremendously successful, and we could not be more excited to close on the 22nd and final phase of this development,” said Zach Ipour, co-founder. “More than 90 percent of the homes that are currently under construction in the community are pre-sold, proving the strong demand for quality single-family housing options in suburban markets, such as Wylie.”
Once completed, the Woodbridge community will have 3,555 lots, as well as a community pool, golf course and trails and parks.
Ipour explains that throughout the market slowdown due to the coronavirus pandemic, Megatel focused on diversifying its product and service mix across numerous suburban Texas markets, while also “bridging the gap between multifamily and single-family ownership.”
“Our solid deal pipeline coupled with the success of our recently launched rent-back program, has allowed us to achieve success in both the multifamily renting and the residential homebuying arenas,” he said. “The rent-back program, which rebates up to one year of rent payments at lease end to renters who choose to purchase a home, has been immensely successful.”
In mid-December 2020, Megatel Homes announced plans to develop a $450 million residential community in the Dallas suburb of McKinney, Texas dubbed “Venetian Lagoon.” Once completed, the project will have approximately 1,200 lots, including multifamily and single-family homes, located alongside a manmade lagoon.
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.