North Texas is set to benefit from a flurry of new homes and apartments after a local investment firm purchased some undeveloped land west of Prosper and Celina.
Private investment firm Old Prosper Partners has acquired more than 1,000 acres in Denton County, with plans to build a mixed-use development featuring single-family homes, multifamily apartments, and retail space, The Dallas Morning News reported.
Located in the Green Meadows master-planned community on Punk Carter Parkway in Celina, the 1,076-acre property was one of the last remaining multi-acre properties in the area, according to Teague Griffin of Old Prosper Partners.
“It’s a huge transaction,” said Griffin, per DMN. “We have plans for over 3,000 lots as well as multifamily and retail.”
With more than 3,000 new homes planned for the area, the mixed-use development will likely attract strong demand, especially considering the need for more housing across North Texas amidst the region’s ongoing population boom.
Despite substantial investment across North Texas, most demand is moving to high-opportunity, easy-to-develop areas outside Dallas city limits, such as Celina, Prosper, Grand Prairie, Plano, and Frisco. Part of the shift away from Dallas proper is likely due to the City’s inefficient and lengthy development process, reported on extensively by The Dallas Express.
Old Prosper Partners bought the land from Addison-based development firm Tomlin Investments in an all-cash transaction. Additional terms of the deal were not disclosed.
In terms of the timeline for development, Griffin said the firm is about a year and a half out from selling home lots. And while some groundwork has been laid with potential builders, he admits that none of the home lots are currently sold.
“We purposely haven’t cut a deal until we close the purchase,” he said, according to DMN.
Once Old Prosper Partners begins listing the properties, Griffin estimates the single-family homes will cost upwards of $600,000. The price per multifamily rental unit and the names of potential tenants for the retail space have not been provided.