The allure of the Hwy 380 corridor finally paid off for the patient owners of 444 contiguous acres of Lakeview Ranch, an existing single-family development in Denton. We got the details from the brokers who handled the deal.

NOVUS Realty Advisors principal John St. Clair (with principal Grant Brodeur at the company holiday party Sunday) repped the sellers, Canyon Energy Partners. The West Texas energy company has patiently owned the property for 10 years waiting for the market to heat up. No one had any interest in the site because there were better properties available in the hot growth market around Little Elm, Frisco, Celina and Prosper. Developers like Matthews Southwest and Jerry Jones’ Blue Star Land both already have residential and mixed-use projects in the works along Hwy 380 in Prosper.

John says Lakeview Ranch, south of Hwy 380 along Lakeview Boulevard, couldn’t get any traction because of its size and the fact that it was between the southern Denton market and all of the single-family activity to the east on Hwy 380. Now that the low-hanging fruit has been picked, developers were looking again and this site was affordable. John declined to release the sale price. The ownership wanted to sell the entire tract and preferred to keep it together. As the other tracts were/are developed and the price per acre began rising quickly to historical highs, Lakeview Ranch became more desirable. The new owner, FSA & S Collin County, plans to not only market the tract in its entirety, but has the ability and desire to sell pods and get creative with the tract. Grant repped the buyer. The land is zoned residential by the City of Denton with specific allowance for 40-, 50- and 60-foot single-family lots. John and Grant will continue to represent the new owner in the marketing and brokerage of the 444 acres for sale within Lakeview Ranch.