McKINNEY, TX—Investment firm 2GR Equity said Tuesday it had entered into a joint venture with Dallas-based developer Wynne/Jackson. The newly formed JV has acquired approximately 124 acres in McKinney, which has received preliminary plat approval for development into a maximum of 316 single-family residential lots. The JV plans to develop the property, known as Wilmeth Ridge, in two phases.

Wynne/Jackson began its study of this area in 2013. It identified this particular submarket as appealing for its location in the McKinney ETJ and within Prosper Independent School District, which is ranked seventh among all school districts in the Dallas/Fort Worth Metroplex by Niche Academics.

The three separate landowners for the site assemblage were all under contract by August 2013, annexation and zoning of all three parcels was complete by December of that year and the preliminary plat approval was granted by the City of McKinney this past October. Two of the Metroplex's top homebuilders, Grand Homes and Shaddock Homes, have executed contacts for all lots in Phase I of the project.