Realty Capital amassed 45 investors in less than a day for the equity pool for Ken Hughes' So7 Ltd. development group to buy and develop a 1.7-acre tract, Donna Arp, president of the Colleyville, TX-based Realty Capital Partners, tells GlobeSt.com. Another 18 investors are waiting in line in case someone opts out or the agreement is expanded, she says.

"We've been watching these projects," Arp says. "The Fort Worth market is quite hot. And, we like working with developers who have a track record like Ken Hughes." The developer's signature project is Mockingbird Station in Dallas, a mixed-use redevelopment that recently changed hands to a group of foreign investors.

In So7, Hughes' $12.5-million second phase has units averaging 1,325 sf and sale tags of $209,000 to $288,000. Construction will get under way in July, says Jorg Mast, partner in Hughes Development.

The first phase consisted of prepping the land, laying infrastructure and starting construction on 15 townhouses. Work will begin on another eight in the near term, Mast says. Before the month ends, eight units will have been sold, according to Mast. The build-out plan calls for townhouses, mid-rises and high-rise retail, condos and office space.