92-acre parcel near W. Melissa Road and U.S. Highway 75 will create more than 400 new home sites in growing city
Astra Development is pleased to announce that an entity affiliated with its company sold 92 acres of land northwest of the intersection of W. Melissa Road and U.S. Highway 75 to home builders Taylor Morrison and NexMetro Development. The deal, which closed April 7, will create more than 400 new home sites in Melissa.
“We are proud that we were able to get this project to the finish line by creating a mixed-use project with two quality builders,” noted Justin Bono, founder and president of Astra Development. “This will add more housing options for those who desire the lifestyle that the city of Melissa has to offer. We are pleased to be able to turn this over to Taylor Morrison and NexMetro Development to make these residences a reality.”
The preliminary plat for the 92-acre parcel, named Stoneridge, has been approved and construction plans for the first phase are under review. Development is expected to begin this summer. At build out, Stoneridge will include 411 residences.
Taylor Morrison plans to build 194 single family homes on 72 acres in the Stoneridge community. Taylor Morrison prides itself on the quality of its homes, thoughtfulness of its communities, and the personal relationships it builds with homebuyers. The company’s proven track record and 100-year legacy is a testament to its strong reputation of trust with its customers. Taylor Morrison builds and develops distinctive communities from coast to coast, serving a wide array of homeowners.
Keith Hurand, division president for Taylor Morrison, said, “Stoneridge provides the winning combination of affordably priced new homes, highly ranked schools, access to major roadways and easy access to the infrastructure provided by the northern suburbs in Collin County. Being voted as America’s Most Trusted Homebuilder for six years in a row, Taylor Morrison looks forward to bringing exceptional customer experience and expanding our market presence to the City of Melissa.”
National build-to-rent developer NexMetro Communities has purchased 20 acres of Stoneridge to build and lease approximately 217 detached homes in its Avilla Stoneridge community, a unique leased home neighborhood designed to meet the growing demand for the company's innovative luxury leased home lifestyle. Avilla Stoneridge will offer private luxury rental homes to lifestyle-conscious consumers seeking a new home experience without the burdens of home ownership. Avilla Homes neighborhoods feature single level, detached homes for lease in a gated enclave. The one-, two- and three-bedroom floor plans feature private entrances, outdoor patios and private backyards, along with high-end finishes such as 10-foot ceilings, granite/quartz countertops, stainless steel appliances and more. The pet-friendly communities offer the perks of neighborhood living with optional garages, resort-style pool, beautifully landscaped recreation areas, and even an electric car charging station--all maintained by a professional management company, without mortgage payments or HOA fees.
“Melissa is an ideal submarket for our Avilla luxury leased communities given the region’s key demand drivers, including job and income growth, household growth, supply demand and high occupancy rates,” said Ryan Griffis, managing director of NexMetro Communities in Dallas/Fort Worth. “Build to rent is growing nationwide faster than any other type of real estate, with the demand for these ‘best of both worlds’ neighborhoods that appeal to a diverse group of consumers – from professional millennials to baby boomers.”
Marty Neilon and Carter Kendall of CBRE brokered the transaction with Taylor Morrison. Steve Smith of SRI Properties brokered the transaction to NexMetro. Kimley-Horn & Associates serves as the land planner and civil engineer for the project.
Astra Development currently owns or controls more than 2,800 acres for future residential development in various locations across Collin and Denton counties, which are expected to yield more than 12,000 lots upon development.
Astra Developmentacquires 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.