Investor buys 2,500 acres in northern D-FW with plans for a $5.1B home development

Real estate investment firm Old Prosper Partners has closed on 2,500 acres in northern Denton with plans for thousands of homes to be built at the site.

The firm acquired the Craver Ranch property just south of Lake Ray Roberts. The deal closed Friday, co-founder Teague Griffin said.

Terms of the deal were not disclosed. Zoning was approved by the Denton City Council in December. The estimated assessed value of the community at completion is $5.1 billion.

The approved land plan allows for a mix of residential and commercial uses. Nearly 7,100 single-family homes, nearly 1,100 townhomes and roughly 1,000 apartments. Some 340 acres of commercial development and more than 360 acres of dedicated park space are planned for the site. That acreage includes a 338-acre central park that forms the heart of the development.

The initial phase will include approximately 800 single-family homes, and the name of the development will soon be announced. Construction is expected to start within the next two years, Griffin said.

Last year, Denton officials also approved the creation of a municipal management district to support the development of the community.

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“Our team has worked closely with town staff to bring the Craver Ranch project to life, and we’re excited to continue that collaboration with the City of Denton over the next several years,” Griffin said. “Our goal is to deliver a thoughtful, viable master plan that creates long-term value for north Denton.”

Old Prosper Partners has been active in Dallas-Fort Worth over recent years.

The firm purchased nearly 2,500 acres north of McKinney known as The Colmena Ranch in 2024. Griffin previously said he plans for the property to hold millions of square feet of mixed-use space along with thousands of homes and apartments.

In 2023, Old Prosper Partners purchased the 1,076-acre Green Meadows property in Denton County. It was one of the largest remaining sites west of Prosper and Celina.

Since 2022, Old Prosper Partners has acquired close to 9,000 acres in Collin and Denton Counties, Griffin said.

Other large master-planned communities are also taking shape in the Denton area.

The Cole Ranch Company L.P. and Denton Range LLC entered into a partnership with Houston-based Johnson Development for the Cole Ranch project.

Roughly 4,400 single-family homes are planned for the 3,100-acre, mixed-use development. Home sales are expected to start in 2027.

Hillwood’s ‘city within a city’ Landmark development is 3,200 acres at Interstate 35W and Robson Ranch Road.

At full build-out, Landmark will feature 6,000 single-family homes and 3,000 apartments. The development will also include 900 acres of commercial space, highlighted by Denton’s first H-E-B. The first 120 acres are actively being leased for retail, dining and entertainment.

The first phase will include 747 single-family lots. Hillwood leaders estimated the project could add more than 20,000 residents to Denton’s population; once complete, it would be valued at $10 billion.