(PROSPER, TX) – Hines, the international real estate firm, announced today that it has acquired 121 acres of the single-family home and mixed-use community Lakewood at Brookhollow in Prosper, Texas. The firm will develop Phase II, which will include 360 single-family home sites.
The first phase of the 890-acre master planned Brookhollow neighborhood was recently completed. In total, Lakewood at Brookhollow will include 635 single family lots across 230 acres. Darling Homes, Britton Homes and David Weekley Homes are the builders of Phase I, which includes 247 developed lots and a public park, hike & bike trail, resort-style pool and amenity center. Hines acquired the balance of the Lakewood at Brookhollow project and will break ground on new lots for Toll Brothers, Highland Homes, Shaddock Homes and Gehan Homes in 2019. The lots will range in size from 55 feet up to 70 feet. Future plans at Brookhollow include additional high-end single-family development, gated custom homes, luxury townhomes and ancillary retail.
Lakewood at Brookhollow offers easy access to major thoroughfares, shopping, dining and quality schools and is located just 40 minutes north of Dallas. Also, just 20 minutes away is the diverse culture of historic downtown McKinney with various boutique shops, unique cuisine and inspiring art. Located about 15 miles south is the city of Frisco, boasting an impressive list of corporations that call it home
Rob Witte, Hines senior managing director, states, “We are thrilled about the opportunity to be a part of this unique residential and mixed-use development in Prosper that will include a variety of housing options and prices.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.