D-FW developer plans 2,200 apartments in the growing northern corridor
One of North Texas’ busiest developers recently completed the acquisition of a 667-acre site in a growing corridor far north of Dallas that will house more than 2,000 homes.
Centurion American Development Group announced the deal Friday. The Farmers Branch-based developer said it plans to build 2,200 new homes in Van Alstyne.
Mantua Parkway, Collin McKinney Parkway and County Road 222 border the settlement. It is located near the border of Collin and Grayson counties.
The name of the construction project and the developers will be announced this fall, the company said.
The project also includes the Mantua Lake District, which will include 300 townhouses. A developer for the townhouses will be named at a later date.
Centurion American expects to begin construction in the last three months of 2024. The first lots are expected to be handed over to developers by June 2026, the company said.
“While Van Alstyne has been able to retain the charm of its history, this growing community has a bright future ahead of it,” said Mehrdad Moayedi, CEO of Centurion American Development Group, in a statement. “This development’s proximity to U.S. 75 makes it convenient for those working in Grayson or Collin counties.”
An additional 64 acres are reserved for commercial use. Two recreation centers will be built on 4.4 acres. The development will also include small parks and 110 acres of green space in the single-family and townhome developments. The City of Van Alstyne will maintain a 20-acre sports field.
Centurion American purchased the property from Risland Mantua LLC. Rex Glendenning of Frisco-based REX Real Estate represented both parties in the transaction.
The purchase was financed by Trez Capital with John Hutchinson as Co-CEO and Global Head of Origination.
The 667 acres were part of developer Risland US Holdings’ larger 3,000-acre holding in the area, according to a Centurion American representative.
Risland originally planned 6,000 apartments and commercial properties on the site. Work on the development began in late 2019. A Risland representative did not respond to an email from The Dallas Morning News before publication.
“Van Alstyne is experiencing its first real wave of master developers. With Centurion American’s investments in Anna and Van Alstyne, I believe this market along Highway 75 will become even more in demand,” Glendenning said in a statement. “After four decades of land brokerage, we are finally seeing not only a market push from the south and D-FW, but also an additional push south from the Sherman area with its new jobs at TI and GlobiTech chip factories.”
The project joins other Centurion American construction projects in Grayson County, including The Bridges at Preston Crossing in Gunter and the recently announced Cottonwood project in Dorchester.
