HPI Real Estate Services and Investments has broken ground on the first phase of a 55-acre project in northwest Fort Worth that will deliver 829 luxury apartments, townhomes, and detached cottages.
The multifamily development at the southeast corner of Bonds Ranch Road and Blue Mound Road is HPI’s first in Fort Worth.
The project is beginning at a time when demand for new apartments in the Dallas-Fort Worth region remains near historic highs while new multifamily construction starts have fallen by more than half since 2022.
HPI has begun construction on 396 one-, two- and three-bedroom apartments slated to open by early 2027. The company also has zoning and site-plan approvals for another 240 apartments and 193 build-to-rent townhomes and detached cottages, with design and permitting for those future phases now underway.
“It took us three years to secure the entitlements necessary to move forward with this project due to the size and complexity of the planned development as well as the challenges of building multifamily in this area,” said HPI Partner and Multifamily President Tim Shaughnessy in a press release. “We’re making a big investment because we’re confident in the need for housing in this trophy location.”
HPI is a Texas-based full-service real estate firm with more than 30 years of experience developing, managing, and investing nationwide. HPI has built and acquired $3.3 billion of real estate encompassing 25 million square feet of office, industrial, storage, senior, retail & multifamily properties.
The company opened its first Fort Worth office earlier this year under the leadership of Colt McCoy, former University of Texas and NFL quarterback Colt McCoy, and now has offices in every major Texas city.
HPI is investing $16 million of its own capital in the project, alongside a group of private investors that include high-net-worth individuals, family offices and Registered Investment Advisors, according to a press release.
The total investment amount was not disclosed.
The project, zoned in the Northwest school district, is less than two miles from Alliance Town Center. Work recently began across the street on the Copper Ranch mixed-use retail center at the northwest corner of Bonds Ranch Road and Blue Mound Road.
Project Team
General Contractor Blackland Partners
Architect Archon Corporation
Civil Engineer Westwood Professional Services
Landscape Architect Norris Design
Structural Engineer Innovative Structural Consultants
MEP Engineer Power Systems
Property Manager Greystar
Interior Design Ellie Aiello Interiors