Terra Verde Completes Largest North Texas Residential Land Sale
- Jun 17, 2012
Terra Verde Group L.L.C. has completed the acquisition of 2,031 acres of residential land in Prosper, the largest residential land sale in North Texas this year. It plans what will become one of the largest such developments north of Dallas.
The Southlake-based company’s big plans for this tract include 3,500 single-family lots, a mixed-use office component on 120 acres, three school sites and four amenity centers, according to a Terra Verde news release. The single-family lots will be priced from $225,000 to $475,000.
According to the news release, the master-planned development, called Three Stones, will cost about $250 million. TVG paid $30 million for the all-equity transaction, according to The Wall Street Journal.
The company bought the tract from a partnership that included national real estate owner, operator and developer Forest City Enterprises Inc. Forest City plans to sell about 35 other properties within its land portfolio, according to the Dallas Business Journal.
Terra Verde plans to break ground on the community this year, according to the Dallas Morning News. Market analysts and developers agree that there has been an increased demand for house lots, with homebuilding starting to rebound in Dallas’ north suburbs. Earlier this year, the company acquired a large residential community outside Nashville that stopped construction when sponsor Lehman Brothers went bankrupt. Terra Verde Group also has projects in Arizona and California.
Meanwhile, Stream Realty Partners L.P. was selected to provide property management and leasing services to a huge industrial portfolio in Texas and Georgia owned by DRA Advisors L.L.C. The assignment offers Stream Realty an additional 2.5 million square feet to manage and lease in the Dallas market, with a total of 7 million square feet in Atlanta, Austin, Dallas, Houston and San Antonio.
Photo showing CityPlace development by Terra Verde Group LLC in Dallas, Texas