Industry Spotlight: Texas Real Estate
Over the past 30 years as a high-profile real estate investor and developer, Marcus Hiles has built a net worth of billions of dollars. His solid understanding of the real estate market and his ability to capitalize on market trends have led him to great success in the state of Texas. Marcus is the founder and CEO of two prominent property development firms and is responsible for thousands of upscale properties throughout the state.
What defines net worth?
In a nutshell, it is defined as the total assets held by an individual or corporation, subtracting the liabilities such as loans or other debts. Some business executives and investors like Warren Buffet and Bill Gates have net worth figures exceeding $90 billion, a sign of unrivaled success. Marcus himself has seen his companies grow over the past three decades, starting with very small budgets and spare working conditions but quickly ramping up to dominate the real estate market.
Early Life
Just after completing his MBA, Marcus began to formulate a business plan that would lead to the establishment of his first company, Western Rim Property Services. He had learned about the real estate market in graduate school and began to study trends in the industry. In the North Texas region of McKinney, Fort Worth, Plano, and Dallas, he learned that demand for properties exceeded availability. Western Rim was founded to meet this demand, especially for upscale rental properties. Mr. Hiles set out to develop properties like town homes, apartments, and condominiums in favorable locations throughout Texas, focusing on the city of Dallas/Fort Worth and soon expanding to other major cities like Houston and Austin. By purchasing land in prime locations and developing luxurious rentals, he was able to tap into the influx of young business professionals looking for more high-end living conditions but who were not yet ready to purchase residences. The Western Rim properties were designed to offer affordable lease terms while still providing the upscale interiors and abundant amenities people sought. In many cases, the rental units developed by Western Rim are priced at half of what similar developments charge. Amenities such as natural park areas, fitness centers, swimming pools, and access to golf courses attracted young professionals and their families. Each rental unit is outfitted with state of the art appliances and finishes like hardwood flooring and solid-surface counter tops in the kitchen. The end result is a polished, urban feel that has proven to be extremely popular with residents.
Successful Ventures
As Marcus’ net worth grew, his company has gone on to develop over 20,000 rental units across Texas. He began to meet increased demands for other residential properties by establishing his second company, Mansions Custom Homes. This development firm specializes in glamourous single-family residences in the Dallas/Fort Worth metro area, catering to the most discerning clients like executives of Fortune 500 firms and large corporations in the North Texas region. Sumptuous landscaping and architectural flourishes characterize the spacious homes from the outside; inside, custom finishes and energy-efficient lighting and HVAC systems add to the luxurious lifestyle. Both Western Rim and Mansions are careful to preserve natural areas in and around the developments, helping to improve air quality and encouraging residents of the developments to enjoy the outdoors. His work has earned him accolades for his business acumen and environmental stewardship alike, and his companies continue to dominate the high end of the Texas real estate industry.
