Cartwright Ranch in Kaufman County sells to developer Centurion American Development Group.
By Steve Brown – December 30, 2020
One of North Texas’ major developers has purchased a huge ranch southeast of Dallas for a residential community with as many as 4,000 homes.
Centurion American Development Group – which has dozens of commercial and residential projects across the state – bought the Cartwright Ranch on U.S. Highway 175 in Kaufman County. It’s one of the largest residential land transactions in Dallas-Fort Worth in 2020.
The property is in the town of Crandall in an area that’s already seeing a surge in residential development.
“The property consists of approximately 1,350 acres and is planned for approximately 4,000 homes,” said property broker Rex Glendenning with Rex Real Estate. “Plans also call for a small retail-restaurant development at the northeast corner of U.S. 175 and FM 148.”
Farmers Branch-based Centurion American acquired the undeveloped property from Crandall Investment Partners L.P. The Cartwright Ranch is about 24 miles from downtown Dallas.
“They start moving dirt in 90 days,” said Centurion American CEO Mehrdad Moayedi.
The first phase will be sites for more than 600 single-family homes, Moayedi said. Homebuilders D.R. Horton and Lennar will build houses starting in the low $200,000s, he said.
“We annexed the property into the city,” Moayedi said. “The big difference with this project and all the others around it is we are in the city of Crandall and we have all the city services.”
The ranch property is adjacent to developer Hillwood Residential’s Heartland community, which is planned for more than 7,000 homes when completed. Several other large residential projects also are in the works for that area.
With land prices in Dallas’ northern suburbs at record levels, home builders have headed east of the city to find more affordable sites for new home construction.
Centurion American is one of the D-FW area’s top residential community developers with projects throughout the region. The company is also known for its high-profile commercial developments, including downtown Dallas’ Statler Hotel and the Collin Creek Mall project in Plano.
