By Keith Loria
RED Development has sold an 11-acre parcel at Rayzor Ranch Town Center in Denton, Texas, to EPC Real Estate Group, which will develop The Village at Rayzor Ranch, a 292-unit luxury apartment community.
RED Development and EPC Real Estate Group have worked together before.
“We sold them the parcel and they are developing it,” Scott Rehorn, RED Development’s managing partner, told MHN. “We did a previous deal with them in Flagstaff, Ariz., where they built apartments over the top of our retail, and in this case, it’s sitting behind where our future retail is going to go.”
The new apartment community will consist of studio, one- and two-bedroom units. Community amenities will include a resort-style pool with cabanas and outdoor grills, a yoga center, fire pits a 24-hour fitness center and a dog park.
The new apartment community will be part of the Rayzor Ranch Town Center, which recently added eight new tenants including furniture store Rooms To Go, Andy B’s Entertainment & Bowling Center, Zoës Kitchen and Massage Envy. Rayzor Ranch is currently fully leased.
According to Rehorn, it’s all about creating the perfect live/work/play environment.
“When you have 100 acres in today’s world, it can’t just be retail,” Rehorn said. “What we’re learning on all of our new developments, is having mixed-use—everything in one site—is what we want to accomplish. Having the grocery store and entertainment options, along with residential, hotels and a convention center, is all beneficial for the site.”
Rayzor Ranch will also soon see the opening of Embassy Suites by Hilton Denton Convention Center, a 318-suite hotel with an indoor pool, fitness center and connected to a 70,000-square-foot convention center.
“Strong momentum continues at Rayzor Ranch Town Center as we achieve more milestones to bring this unique, regional mixed-use destination to life,” Rehorn said. “We look forward to the opening of the hotel and convention center, which will serve as great additions and anchors to the overall project. As these new tenants begin to open and the luxury apartment component takes shape, we’ll begin to create density and energy that will make this project a standout in Denton and surrounding communities.”
Construction on the apartment community is set to start early next year.