Megatel Nears Completion of Dallas-Area Development
- Jan 06, 2021
Megatel Homes LLC has commenced the final development phase of a single-family home community in Wylie, Texas, within the Dallas-Fort Worth Metroplex. Once complete, the Woodridge community will provide 3,555 lots in the Dallas suburb.
Approximately 215 single-family homes will be built in the $75 million final phase slated for completion in June. Residences will extend in size from 2,100 to 4,500 square feet, and be priced from $290,000 to $400,000. More than 90 percent of homes now being built are pre-sold, evidence of the robust demand for quality single-family housing in the area.
What makes this the right time and place for the development is “the low-interest-rate environment that allows buyers to buy a home for slightly more than what they would pay for a high-rise apartment downtown, and the proximity to major job centers,” Zach Ipour, co-founder of Megatel Homes LLC, told Multi-Housing News.
The market slowdown resulting from COVID-19 has given Megatel Homes an opportunity to diversify its product and service mix across a number of suburban markets in the Lone Star State. It has also allowed the company to begin bridging the gap between multifamily and single-family ownership. Its rent-back program rebates up to one year of payments at the end of rental lease periods to renters who opt to purchase single-family homes. The program has been exceptionally successful, the company said in a statement.
“The biggest challenge is getting with the vendors, because everyone is busy, everyone is developing homes,” Ipour said. “Our biggest challenge is finding vendors who can finish the homes on time and do the job right, with high quality. Right now, our building time has grown from six to eight months, due to a combination of labor and materials shortages.”
Wylie is part of Collin County, located north-northeast of Dallas and including such well-known Metroplex municipalities as Frisco, McKinney, Plano and Allen. Wylie was recently ranked by Niche.com 13th best suburb in which to buy a house within the Dallas-Fort Worth area. Two months ago, Wylie was mentioned in an item about areas that led the nation in transaction activity. The area features a highly-ranked school district, and a spread-out suburban environment with access to outdoor recreation. Among the amenities of Woodbridge is an array of recreational opportunities that includes trails and parks.