Ross Perot Jr.'s Hillwood Communities is partnering with Dallas-based real estate development firm Wynne/Jackson to acquire 119 acres in Celina, Texas to build a $133 million, 350-single family lot community, according to the Dallas Business Journal's Evan Hoopfer.

Homes are expected to be priced between $350,000 and $425,000 and construction is slated to begin in September. Horizon Homes and Perry Homes, both Texas companies, will be the home builders of the project.

Hoopfer reports that Celina has become a hot spot for development.

Construction began in the beginning of this year on a $1.1 billion, 1,800-home community and Hillwood announced in March it had bought 244 additional acres to expand its $500 million, 1,250-home community.

Read more >