CandysDirt.com founder and publisher, Candy Evans, with Zach and Aaron Ipour, brothers and founders of Megatel Homes.

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…)

Rudy Giuliani, Zach Ipour, and Kevin O’Leary in Farmers Branch Tuesday

I cannot call it a party, because it was so much more. I have been to a lot of Realtor’s parties. This one REALLY topped them all. Zach Ipour, founder and CEO of Megatel homes, threw a MEGA EVENT Tuesday night, a VIP experience, for the North Texas Real Estate world at Mercer Crossing, the 370 acre planned community in Farmers Branch, just north of 635 and the Luna Road exit. The billion dollar mixed use development will dramatically shift the southwestern corner of Farmers Branch into a Viridian-type environment.

I know what parties cost, and this one had at least 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.

But get this: Kevin O’Leary, Mr. Wonderful of Shark Tank, and former New York City mayor Rudy Giuliani, who made even more news after leaving Texas, were keynote/ribbon-cutting speakers. The two sat right among the dinner guests, posing for pictures.

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The Brickyard

We recently wrote about how one Dallas inner-ring suburb is seeing big changes, Farmers Branch Renaissance Turning Once Sleepy Suburb Into Vibrant City.

The city has another reason to celebrate: Billingsley Company is bringing New York City architectural charm to to Farmer’s Branch, with The Brickyard. This is their new apartment community in Mercer Crossing, at the crossroads of Interstate 35E, Interstate 635, and President George Bush Turnpike.

They have everything you think of when you imagine NYC: romantic industrial architecture, brick detail, metal-framed windows, metal awnings, large arched windows, and walk-up style housing. Everything, that is, except the price.

In Manhattan, the cost of living is more than double the national average: The average rent for a two-bedroom apartment in the Lower East Side is $3,558, according to the First Quarter 2016 Citi Habitats market report. This is roughly equal to the entire monthly income of the typical U.S. worker.

Current pricing for The Brickyard ranges from $995 to $1910 per month.

Sumner Billingsley, a managing partner on The Brickyard project, took her experience living in the West Village in New York and translated this project.

“As a former resident of New York, I wanted to bring the rich neighborhood feel of the West Village and the Bowery to Dallas but at a price that was right for us,” Billingsley said. “I have been told that ‘quality is remembered long after the price is forgotten.’ So our sole focus is to deliver a fantastic product, and I’m damned if I am not going to deliver it at a great price.”

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