Talks are under way for the remaining tract with landowner Bennett Realty Group of San Ramon, CA, Barry Howard, Fairfield's development representative in Dallas, tells GlobeSt.com. But the lone 7 1/2-acre parcel, which is not yet under contract by Fairfield, could prove to be too small for the developer's building strategy. Fairfield Residential has just closed on a 14.7-acre tract and is expected to finalize a 10-acre sale in the coming days.
According to Bennett Realty's Web site, Fairfield Bear Creek LLC paid $7,230 per apartment unit for the land or nearly $1.7 million just for the 14.7 acres, based on the 234-unit project that is being planned.
Howard says Fairfield will position the 234 high-end units in 18 to 20 three-story buildings on the 14.7 acres, which are situated on the east side of Bear Creek Parkway just south of Ash Lane. Fairfield is still working out plans for the pending 10-acre acquisition. The 14.7-acre undertaking--Fairfield's second in the development--should break ground in spring 2002, according to Howard. In 1999, Fairfield delivered a 436-unit multifamily complex and then turned around and sold it.
Fairfield is one of perhaps a half dozen multifamily developers that has bought acreage in the Villages at Bear Creeks in the near eight years that Bennett Realty has owned it. Chris Colombe, vice president of Henry S. Miller Commercial, tells GlobeSt.com that Bennett Realty acquired the acreage from the RTC for the mixed-use development at the crossroads of Interstate 360 and Texas 183. Since then, more than 3,000 apartments have been built along with two Hyatt Regency Resort championship golf courses. There are six tracts, totaling about 100 acres, still available for commercial or retail development.
The California-based Bennett Realty Group represents 2,500 investor accounts for a total developable 2,000 acres in Dallas-Ft. Worth, Austin, Northern and Southern California and Scottsdale. Colombe and John St. Clair, another Henry S. Miller Commercial vice president, represented the seller of record, Bear Creek Associates IV, in the land sale.
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