SCOTTSDALE, Ariz. – Walton Global, a real estate investment and land asset management company, has sold 680 acres in Grayson County to Farmers Branch, Texas-based Centurion American Development Group for a master-planned community known as Cottonwood.
This transaction is an exciting indicator of increasing market traction in U.S. housing as we move further into Q1 2023. The Cottonwood property is part of a larger, cohesive master plan totaling 1,474 acres. Centurion American intends to acquire the remaining acreage as the development commences.
A Municipal Utility District have been established on the property, which allows the development to offer increased amenities and a range of affordable housing, enabling the property to be competitive within the market. The concept plan includes a mixed-use community including residential, commercial and office use.
“We are pleased to join forces with Centurion American to move this property into active development, and to collaborate with the City of Dorchester, Grayson County and the Howe ISD,” said David Peter, executive vice president special projects at Walton Global. “Cottonwood will be an amazing realization of Walton’s original vision and compliment Centurion’s impressive portfolio of master-planned communities through the region. We look forward to continuing to work with them over the coming years as this project takes shape.”
Located 8 miles south of downtown Sherman in Grayson County, and 55 miles north of downtown Dallas, the parcel is also within the City of Dorchester Extraterritorial Jurisdiction and under a Development Agreement with the City of Dorchester.
Caleb Lavey and Rex Glendenning with REX Real Estate and Taylor Boyd with Adler Properties acted as brokers for the buyer and seller.
“It has been a pleasure working with Walton Global to close this deal and expand our presence into Grayson County,” said Mehrdad Moayedi, CEO and President of Centurion American Development Group. “We know that Cottonwood will be a community which will bring pride to the town of Dorchester, Grayson County and Howe ISD.”
Walton Global already controls a large sum of land in North Texas and continues to make bets on the region’s paths of growth. In Dallas, Walton Global has sold approximately 4,000 acres and has nearly 15,000 available acres under management. In Fort Worth, the company has sold about 340 acres and about 1,800 available acres under management.
About Centurion American
Since 1990, Centurion American has developed well over 100,000 single-family lots in dozens of premier communities surrounding North Texas. Centurion has demonstrated the ability to effectively work with investors, landowners, financial institutions, and vendors to acquire over 35,000 acres of land inventory, resulting in a diverse mix of developments varying in size and scope. Delivering award-winning communities with impeccable amenities such as parks, golf courses, and hiking and biking trails, Centurion has successfully designed master-planned communities that have been recognized across the real estate industry.