Megatel Homes Expands Texas Townhome Development Project with 100-Lot Purchase
Megatel Homes, a Texas-based homebuilder that funds its developments through private placements offered by its subsidiary Megatel Capital Investment (MCI), has purchased 100 finished lots for development of three- and four-bedroom townhomes in Wade Settlement, a residential community in the Dallas suburb of Frisco.
Megatel Homes, a Texas-based homebuilder that funds its developments through private placements offered by its subsidiary Megatel Capital Investment (MCI), has purchased 100 finished lots for development of three- and four-bedroom townhomes in Wade Settlement, a residential community in the Dallas suburb of Frisco. The 100 lots are in addition to 200 lots the company already has under contract in the community.
“Frisco is one of the fastest growing and most desirable areas in the Dallas-Fort Worth metroplex, with homes typically priced upwards of $450,000,” said Zach Ipour, co-founder of Megatel Homes. “This acquisition aligns perfectly with our affordability strategy and allows us to expand our Wade Settlement development with reasonably priced townhome product at a starting price in the low $300,000s.”
The additional lots purchased by Megatel are finished and ready for construction, saving Megatel Homes substantial time and money, thereby increasing the gross home sales potential to more than $100 million.
The company noted that 22 of the townhomes have been pre-sold ahead of the community model home opening, which is expected to be completed in September 2018. Megatel anticipates that the full Wade Settlement community will be sold out within the next 18 to 24 months.
The lots were purchased from competing builder Siena Homes, which Megatel says helps better control the price point of the community and reduce competition in the surrounding area.
Since 2006, Megatel Homes has completed more than 100 developments comprised of several thousand homes. The company currently has more than 100 communities and is spreading throughout the Dallas-Fort Worth metroplex.
