DALLAS, Sept. 14, 2021 /PRNewswire/ -- Megatel Homes LLC, one of the largest private homebuilders in the nation, today announced that the company is developing the Bellagio Lagoon community, one of the largest residential projects in the Dallas suburb of Forney, Texas, to date. Forney was recently ranked second on The Best Suburbs to Move to in 2021 by Homes.com, which is a list based on home price, education quality and crime rates in the area. One of the fastest-growing North Texas new home markets, Forney has benefitted from the influx of residents migrating from dense urban districts to the suburbs during the Covid-19 pandemic.
Once completed, the more than $800 million project will feature a manmade lagoon with white sand beaches. The homes will range in size from 1,800 square feet to 4,200 square feet and will be priced between $349,000 to $600,000.
"Megatel lagoon communities have proven to be a game-changing asset type for our firm," said Aaron Ipour, co-founder. "We have received tremendous feedback from potential homebuyers, which has greatly exceeded our expectations. The hard work, dedication, and innovative thinking of our team has directly contributed to the early success of these lagoon developments."
Lagoon communities offer residents traditional residential amenities in addition to unique features, including convenient access to beach and waterfront recreational experiences, such as kayaking and sand activities. Residents of the Bellagio Lagoon community will benefit from best-in-class amenities, such as a swim-up bar, a Flowrider surfing simulator machine, a dog park, playground, splash park and more. Additionally, residents will have access to a large amenity center which features a restaurant and bar, an adult lounge, a teen center, and a children's immersive indoor play area. Residents will also have access to a bowling area, an arcade and a home design center.
The first phase of homes at the community, which features approximately 400 homes, is expected to be completed by April 2022. The lagoon is expected to be completed by August 2022.
Ipour explains that the returns and sales velocity on lagoon communities have been greater than any other development previously considered by the firm. "Due to the previous success of our lagoon communities, we expect the first phase of the Bellagio community to be sold out prior to January 2022. To date, more than 60% of the community has been sold."
Megatel Homes is currently offering incentives for realtors who promote the lagoon communities to their respective clients. Incentives include offering realtors and their families access to the community's amenities, allowing realtors to intimately experience the community to ultimately better explain the benefits and amenities to their clients.
The Bellagio Lagoon community is Megatel Homes' third lagoon community out of the more than 100 developments the company has completed since 2006. The firm has five additional lagoons scheduled for presale this year and is currently working on plans for 15 additional lagoon communities throughout Texas, Oklahoma, Georgia, Florida, North Carolina and South Carolina.
Ipour also credits the Megatel Rent-Back Program, launched in 2019, as another factor in the extraordinary demand for the company's lagoon communities and more traditional single family home developments. Megatel Homes launched the Megatel Rent-Back program to create a bridge between renters and homeownership. In partnership with select apartment communities, the Megatel Rent-Back program will rebate up to one year of rent payments at lease end to renters who choose to purchase a home.
Ipour adds, "The tremendous lease demand in the Texas rental market coupled with the excitement escalating around the concept of lagoon communities creates a premier opportunity for capturing the interest of renters and ultimately maximizing the conversion from renters to first time homebuyers. Due to a labor shortage from the effects of the Covid-19 pandemic, we are actively seeking to hire more talent to keep up with the booming rental market."
About Megatel Homes
Founded in 2006, Megatel Homes has emerged as one of the most successful homebuilders in the state of Texas. The company has had considerable growth, with more than 100 developments comprised of several thousand homes, completed since its founding. The company currently has more than 100 communities and is rapidly spreading throughout the Dallas-Fort Worth metroplex.
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SOURCE Megatel Homes