An El Paso, Texas-based real estate holding company has has acquired a 2,300-acre master-planned community in Austin.
Late last year, Hunt Companies acquired the Colony from Forestar (USA) Real Estate Group, which had began construction on the project in the early 2000s. Hunt intends to continue the build-out of the community with residential lots, parks, open spaces and neighborhood amenities.
The project encompasses nearly 2,000 residential lots and about 30 acres of commercial development wiith home values ranging between $300,000 and $400,000. There are currently 497 homes built and occupied in the southwestern portion of the development.
“The future development would include more diverse housing stock, including the 80- and 55-foot lots, as well as some one-acre lots and smaller 50-foot lots closer to FM 969. We hope to bring more velocity and vibrancy to The Colony and give home buyers some additional choices,” says Justin Chapman, president of Hunt’s southwest community development division.
Hunt expects the entire build-out of the neighborhood — which includes roads, electric, and water and sewer services, as well as residential homes — to be completed in about 10 years.
