In Texas, why build up, when you can simply build out? Dallas-Fort Worth based Centurion American continues to do just that. The firm snagged 680 acres for a 1,500 master-planned community in Grayson County.
Centurion bought the land from Walton Global, a land asset management firm. Caleb Lavey and Rex Glendenning with REX Real Estate brokered the deal for the buyer, and Taylor Boyd with Adler Properties represented the seller, according to a media release. Financial terms of the deal were not announced.
The new community, called Cottonwood, is located 8 miles south of downtown Sherman in Grayson County and 55 miles north of downtown Dallas. Centurion is working to acquire more land to enable development on the project.
Cottonwood will include hundreds of multifamily units, multiple commercial development sites, retail shops, restaurants, schools and potentially thousands of single family homes. A river and a number of outdoor spaces will be included as well, according to the project’s conceptual plan. Development will happen in multiple phases, and a timeline has not been announced.
Centurion American is banking on Texas’ growth with giant mixed-use projects. The firm, owned by Mehrdad Moayedi, bought 1,100 acres off Interstate 20 in Terrell, about 30 miles outside of Dallas, in late 2021. It was the company’s third such land buy in Kaufman County that year. The firm then acquired a 30,000-home community in Celina, another outlying market of Dallas-Fort Worth. Moayedi also spent time in the courts last year, battling a class-action lawsuit and a citation for failure to pay school taxes.
Centurion American, founded in 1990, has developed over 100,000 single-family lots in dozens of communities across North Texas. The firm has acquired over 35,000 acres of land for a variety of mixed-use projects, according to its website. Walton Global continues to cash in on the large amounts of land it owns in North Texas as development firms look to build beyond Frisco and McKinney as growth spreads throughout the region. In the Dallas-area alone Walton Global has sold 4,000 acres and has nearly 15,000 available acres ready to sell.
Massive mixed-use projects have been all the rage across Dallas-Fort Worth and North Texas in recent years. Many North Texas developers and cities are looking to copy the success of huge mixed-use projects that have taken place in cities like Frisco, Plano and McKinney.