Old Prosper Partners, a Collin County-based real estate investment firm, announced it just acquired one of the largest remaining sites west of Celina and Prosper. According to The Dallas Morning News, the firm purchased over 1,000 acres located west of the Dallas North Tollway with plans of building more than 3,000 new homes.
The Dallas Business Journal reported that the Green Meadows property where the future development will be located was previously owned by Tomlin Investments, another real estate investment firm that developed the site before selling it to Old Prosper Partners. The site is expected to include houses, multifamily units and retail at full build-out.
“It’s the last property left of that size,” Old Prosper Partners Director Teagan Griffin told The Dallas Morning News regarding the coveted piece of land. “We paid all cash for it. It’s a huge transaction.”
In recent years North Texas has seen an increase in land demand for development. A report by the commercial real estate firm Younger Partners from 2022 found that along with the population growth, the demand for land in North Texas reached all-time highs during 2021. According to the report, despite the COVID-19 shift to home offices, most peripheral sites are witnessing a continuous rise in activity, as employers continue to vie for employees who prefer shorter commuting distances.
As reported by The Dallas Morning News, last year Griffin was part of a group that purchased an 800-acre development site located on both sides of U.S. Highway 75 in Anna.
Regarding the new development in Prosper and Celina, Griffin explained the firm expects to start selling lots in the next 18 months, although the developers have not sold any home sites on the property yet. Said Griffin to The Dallas Morning News, “We purposely haven’t cut a deal until we close the purchase and prep the property.”