Real estate investment firm 2GR Equity LLC of Grapevine has formed a joint venture with Dallas-based real estate development firm Wynne/Jackson.
The newly-formed joint venture, the first between the two companies, acquired 124 acres in McKinney, with plans to develop a maximum of 316 single family residential lots in a two-phased development.
Wynne/Jackson began its study of this area in 2013 and identified this particular submarket to be appealing given its location in the McKinney ETJ (Extraterritorial Jurisdiction) and within the top-rated Prosper Independent School District.
North Texas homebuilders Grand Homes and Shaddock Homes have executed contacts for all lots in Phase I of the project.
This is the first lot development investment sponsored by 2GR Equity.
“Wynne/Jackson has been a top residential lot developer in the D-FW market for years, and their expertise in this product type coupled with their ability to position the property in a manner that greatly reduced our market and entitlement risk proved to be the deciding factor in our participation in this opportunity,” said Isaac Gregory, a principal with 2GR Equity.
This is the 17th transaction closed by 2GR Equity since its formation in March 2011. The firm has now provided joint venture equity on commercial real estate transactions representing $170 million in total capitalization through investments in multifamily, retail, industrial, hospitality, land, seniors housing and medical office.