Frisco based real estate investment and management company has purchased 1,215 acres of land named Double Platinum Ranch (Kimberlin Heights) on the path of future tollway for a concealed amount. The property is in the city of Gunter, stretches 2.3 miles along the future Dallas North Tollway running north from Collin County. Construction of the tollway extension north of U.S. Highway 380 in Prosper is already underway.
The Double Platinum Ranch is well-positioned for the future growth we expect to see with the development of the tollway. Midas Global Investments led by Ravi Kollipara, Raj Kiran Veeramachaneni, Sudheer Babu Bagham, Pushpa Mundluru and Omkishan Maredu purchased the property. Rex Glendenning and Caleb Lavey of Rex Real Estate handled negotiations for Double Platinum Ranch for the purchaser along with Taylor Boyd of Adler Properties.
The land is within the Grayson County Double Platinum Ranch Water Control and Improvement District No. 1. The property has approved zoning which allows for Urban style Condos, Garden style Apartments, single family residential, townhomes, patio homes, assisted living, commercial, office, industrial and various other uses. The property could lodge more than 12,000 families and subordinate uses.
Several land investors and developers have already taken big property positions in the Gunter area.
“We’re seeing an increased level of interest from investors and builders in this area, which is located less than 15 miles from the newly announced $30 billion Texas Instruments semiconductor chip-making campus” in Sherman, said Caleb Lavey.
David Peter, executive vice president of Walton Global, called the sale “an exciting next step for the property.”
Peter told “The Dallas North Tollway is supposed to go either through or adjacent to it so it’d be accessible to the tollway when that gets up there, that road is intended to continue up through and past this property. We continue to buy more properties in and around the Dallas market and we continue to sell properties in and around the Dallas- Fort Worth market. Grayson County, in particular, has seen a lot of attention as a result of the big Texas Instruments plant that’s going in up in Sherman, but the toll road as well and just natural growth and migration in Dallas-Fort Worth market (make it attractive). Really all of Texas has been a very robust economic development environment. There are lots of jobs and lots of people moving there. So, I think it continues to bode well for new investors.”
Walton Global, a path-of-growth land buyer and seller, originally acquired almost 34,000 acres in Texas, including more than 21,000acres in the Dallas-Fort Worth area.
According to the company’s estimates, Walton Global’s existing portfolio could translate into over 100,000 new homes throughout Texas once the land has been provided to homebuilders. The firm plans to acquire about 2,500 more acres in Texas this year, which the company estimates could ultimately accommodate 10,000 new homes.
Of the acreage Walton Global currently owns or manages in North Texas, several large parcels are in Grayson and Ellis Counties.