Dallas entrepreneur and real estate investor Marcus Hiles has made a career of anticipating demands, particularly in the luxury housing market. His two companies have developed thousands of properties across the state of Texas, helping to transform the upscale real estate market in the Dallas metro area in the process.
Marcus is the founder and CEO of two prominent real estate development companies, Mansions Custom Homes and Western Rim Property Services. Each specializes in luxury housing options; Mansions builds spacious marvels for the high-end homeowner, while Western Rim concentrates on the rental market with upscale apartments, condominium developments, and townhouses for discerning young business professionals and their families. Over the past 30 years, Western Rim has developed rental properties throughout the major cities of Texas, focusing in particular on the Dallas/Fort Worth and greater North Texas regions. Properties in the company’s inventory exceed 20,000 finished rental units, with more in the latter stages of development.
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Western Rim and Mansions Custom Homes aren’t the only players on the real estate market, however. After the housing market collapse that began in 2006, the Dallas area recovered quickly and began to experience a sort of housing boom. Other development companies began to move in. Recently, the Taylor Morrison Home Corporation opened a homebuilding unit in the Dallas/Fort Worth area. The Arizona-based company was attracted by the favorable market conditions and home sales rates in the area. A large pool of employers and a talented workforce exists in the Dallas area, keeping the housing market growing substantially every year. Taylor Morrison will focus on affordable houses for new homeowners, building properties in the $250K-500K range. The company expects that this underserved market will continue to grow exponentially over the next several years.
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The homes proposed to be built by the Taylor Morrison company are a bit more luxurious than so-called “starter” homes, in keeping with prevailing trends in the Dallas area. As businesses establish headquarters or regional operations there, their employees and executives have demanded a more posh lifestyle. For his part, Mr. Hiles recognized this demand early on in the game and put his energies toward meeting that demand with stylish homes and rental properties in some of the most desirable locations in the Dallas area. Residents seek out areas that are convenient to work commutes, shopping, and nightlife, while they also desire good school systems and low crime rates. The properties developed by Western Rim offer all those desirable features and more. Rental units developed by the company have high-end finishes and appliances, hardwood flooring, and stunning architectural features. The properties themselves offer residents a range of amenities often found in much more expensive developments. These include access to golf courses, walking and cycling trails on the properties, fitness centers, spas, and swimming pools. Affordability is the name of the game for Western Rim, which strives to charge around half of the lease rates as comparable properties in the region. Ample green space and preserved natural areas like parkland and forests enhance the quality of life in the properties Western Rim has developed over the past three decades. These natural features breed a sense of community and give each development a quiet, suburban feel even though many of the properties are located in very urban environments. Marcus and his companies may have new competition, but their formula for success will carry them well into the future as the Dallas housing market continues to grow.
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