With a net worth in the billions of dollars, Texas real estate developer, investor, and entrepreneur Marcus Hiles has enjoyed tremendous success over his 30 years in the industry. His ability to capitalize on emerging trends in the real estate market has made him nothing short of a legend in the field, and his expert leadership at his two real estate development firms have positioned him to achieve new heights in the coming years.
The North Texas real estate market has been experiencing substantial growth. Not as affected as other regions in the housing bust of 2006, cities like Dallas/Fort Worth, Plano, McKinney, and New Braunfels have seen double-digit price increases as demand continues to skyrocket. Favorable working conditions in the state of Texas have attracted many corporations, including Fortune 500 firms, aerospace manufacturers, and technology leaders, to the area. Low business tax rates and a large pool of talented employment candidates favor the growth of business, and as companies establish headquarters or regional offices in North Texas, their needs have driven the market.
Office towers are among the hot properties in North Texas in 2016. A development called 17Seventeen McKinney in the city of McKinney is expected to shatter existing sales price records. A Dallas-area real estate investment firm has agreed to purchase the office tower development for $510 per square foot; this exceeds the record set earlier this year of a similar office tower nearby, which sold for $502 per square foot. The building at 17Seventeen McKinney is near full capacity, with big names like Regions Bank and Colliers International among the tenants. Real estate industry analysts suggests these high sales prices are only the tip of the iceberg. Companies moving to the area are looking for suitable office locations nearby, and many may be willing to pay a premium to do business in the North Texas economic hotbed.
Several other office developments are springing to life or propose for the near future in the greater Dallas/Fort Worth metro area, and as companies establish footholds in the region, Marcus and his two development companies have catered to their needs, particularly in the luxury real estate sector. Western Rim Property Services, the company Mr. Hiles established in 1990, caters to the upscale rental market. Young business professionals not ready for the commitment of home ownership have flocked to the company’s many developments, not only in Dallas but also in Houston, San Antonio, and Austin. The company’s inventory of rental units exceeds 20,000, and each development is known for its blend of upscale interiors, spacious layouts, ample green areas, and high-end amenities. Affordability is key to the company’s growth, with units priced approximately half of what similar properties go for in the urban centers of Texas’ busiest cities.
Discerning business executives settling in the Dallas metro area have demanded luxury housing, and another venture established by Marcus helps meet this demand. He serves as the CEO of a development/building firm called Mansions Custom Homes. Mansions crafts beautiful homes to exacting standards, adding unique custom interior and exterior finishes to go along with quiet, tree-lined streets and outdoor park areas that enhance the living experience. These developments, located in some of the most desirable neighborhoods in the Dallas/Fort Worth area, offer a peaceful oasis, close to the hustle and bustle of busy urban areas but light years away in terms of calm, comfortable, luxurious living.
