D
hanani Private Equity Group has acquired nearly 300 acres of vacant farmland in Fort Bend County, about 45 miles southwest of Houston. The Stafford-based firm plans to build approximately 1,000 homes on the land at Wernecke Road and Straznicky Road, with lot sizes ranging from 40 to 50 feet wide. The project will be the company's second-largest residential development after Heritage in Needville.

    The acquisition is part of Dhanani's strategy to focus on growth areas in the greater Houston region. The firm has recently acquired several other residential development sites, including a 173-acre project in Willis and a 204-acre community in Iowa Colony. Construction on the new project is expected to start within 18 months, with lots available to builders in about four years.

    The area surrounding the development has seen significant growth in recent years, with large-scale communities like Brookewater and Emberly adding thousands of homes. Developers are turning to the suburbs due to growing demand for affordable housing in the region. Dhanani's residential projects aim to provide homes in the $250,000 to $300,000 range.

    The acquisition is a significant move for Dhanani Private Equity Group, which has about $1.8 billion in assets under management. The firm has also made notable commercial investments, including the purchase of the First Colony Commons shopping center in Sugar Land and a mixed-use project near the Smart Financial Centre.