HPI Real Estate Services & Investments (HPI) has acquired 55-acre property at the southeast corner of Bonds Ranch Road and Blue Mound Road in north Fort Worth, Texas, US.

Land brokerage firm Davidson Bogel Real Estate (DB2RE) announced the sale of the property.

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The transaction value has not been disclosed.

HPI plans to build 636 multifamily rental units, 193 single-family rental units with attached garages and yards on the property.

Among the amenities to be provided with these planned projects include clubhouses, resort-style pools, pickleball courts, and walking trails.

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HPI Multifamily president Tim Shaughnessy said: “We are focused on growing our North Texas portfolio as it is one of the strongest real estate markets in the country.

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“Strong employment and population growth in the Alliance Corridor has created a demand for high-quality rental housing. We look forward to breaking ground in early 2023 and residents moving into both our apartments and single-family homes the following year.”

The deal was brokered by Collins Meier, Ryan Turner, David Davidson Jr., and Edward Bogel of Davidson & Bogel Real Estate.

DB2RE co-founder David Davidson said: “The demand for rental product continues to accelerate with growth in renters by choice and as home buyers battle rising interest rates paired with historically high home prices.”

HPI Real Estate Services & Investments is a commercial real estate firm with offices in Austin, Dallas, Houston, and San Antonio.

It has over three decades of experience in developing, managing, and investing in multifamily, self-storage, senior, office, and industrial real estate.

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Image: HPI plans to build 636 multifamily rental units, 193 single-family rental units with attached garages and yards on the property. Credit: Peter Dargatz from Pixabay