Megatel Homes, one of North Texas’ most prolific homebuilders, is suing even more prolific Centurion American Development Group and Grapevine-based United Development Group, charging that the firms “conspired to take advantage of Megatel,” mostly by selling development properties to competing homebuilders. Megatel is seeking $100 million in damages.
If the names of these companies sound vaguely familiar, let me refresh: Megatel Homes builds houses, townhomes, and apartments, in 100 subdivisions or more all over North Texas. It is the same firm that entertained a tentful of agents with former New York Mayor Rudy Giuliani and Kevin O’Leary last May at an amazing and expensive promotional bash at Mercer Crossing, up near Cypress Waters and LBJ/635. And Mehrdad Moayedi was there, sitting with Megatel’s two co-founders and the celebrity guests.
2500 real estate professionals, with full bar service and seated dinner. There was a huge white tent with a/c. Even the bathrooms were tip-top, those nice white trailers just like the ones at the Pebble Beach Concours D’Elegance. There was a smattering of tip top producers, too, from Dave Perry-Miller’s Ryan Streif and Charles Gregory, who has already sold two homes in Mercer Crossing, ReMax Premiere’s Von Truong, Bryan Poche, Dallas City Center’s Lisa Marie Dyess-Richardson, the ubiquitous Jeff Lindigrin, and more. Donations were also raised for Guns and Hoses Foundation of North Texas.
Steve Brown wrote a nice two-brothers-from-Cypress profile on the firms’ brother-founders, Zach and Aaron Ipour. He pointed out that competitors criticize Megatel, saying it pays too much for some of its land, and question the firm’s long-term funding strength. The company, Steve reported, also builds more speculative homes than many of its competitors. (more…)