RPG Debuts Master-Planned Community in Celina; Landmark Acquires Richardson M-F
- Oct 03, 2013
Dallas-based Republic Property Group marked a major milestone with the recent opening of Light Farms, a 908-acre master-planned community in Celina.
Light Farms has officially opened the doors of its information center, one of two resident-focused buildings. It also includes a state-of-the-art fitness facility created from early 19th century barn frames that were reclaimed from Upstate New York and reconstructed on site with a traditional barn-raising ceremony.
The first phase of the project includes four neighborhoods containing 267 sites and model homes from six of the area’s most respected builders – American Legend Homes, Darling Homes, Drees Custom Homes, Highland Homes, LionsGate Homes and Shaddock Homes – with prices starting in the $240,000 range.
Upon completion, Light Farms will be home to approximately 3,000 residents.
“We feel incredibly fortunate to serve as the stewards for this phenomenal acreage that will eventually be directly served by the Dallas North Tollway,” said Tony Ruggeri, co-president of Republic Property Group. “In this role, we have gone to great lengths to ensure a pristine community for generations to come by supporting sustainable building methods, preserving 132 acres for green space and creating pocket parks, micro gardens and a $13 million greenbelt with three miles of hike and bike trails.”
Republic Group has seen to the implementation of a strong on-site homeowner’s association that will facilitate residents’ access to a wide array of amenities, including multiple playgrounds, picnic areas, an event lawn, a tennis center with four hard courts and a lakeside aquatic complex with four pools. Additionally, the HOA will handle maintenance of the common areas, alarm monitoring and front yard care.
In other suburban news, Richmond, Va.-based Landmark Apartment Trust of America Inc. (LATA) expanded its Texas footprint by acquiring Landmark at Preston Wood, a 194-unit apartment community in Richardson. With this acquisition, LATA’s portfolio now contains 14 multi-family assets in the Dallas-Fort Worth market.
Along with the Richardson complex, the company also bought Landmark at Lyncrest Reserve, a 260-unit apartment community in Nashville, Tenn. The two properties, which are currently 94 percent occupied, according to company statements, were purchased in two separate transactions for an aggregate price of $33.5 million.
Located at 333 Preston Wood Drive, Landmark at Preston Wood was built in 1979. Formerly known as Mission Preston Wood, the rental apartment community features one-, two- and three-bedroom units with spacious floor plans, large walk-in closets and fully equipped kitchens. Common amenities include a fitness center, pool/spa, playground and picnic area with barbecue grills.
Photo credits: Light Farms Facebook page