Tellus Group Buys 970 Acres Near Dallas for $1.5 Billion Plan

Tellus Group is planning to develop a $1.5 billion residential community about 45 miles north of downtown Dallas.

The Prosper-based developer purchased 970 acres in Anna for the development of Sherley Farms, a proposed master-planned community featuring 3,000 homes,150 acres of open space and a 65-acre farm, the Dallas Business Journal reported. The development will be located east of Highway 5 near downtown Anna, with trails linking it to nearby attractions.

The company, headed by CEO Craig Martin, closed the deal on Dec. 27, in partnership with Sherley Partners, Caravel Ventures, Sumitomo Forestry and Schaffer Michael LLC, which traces to Bloomfield Homes president Tim Stewart.

The terms of the transaction were not disclosed; the Collin County Appraisal District places the land’s market value at $28.6 million. Construction is slated to begin this summer, with delivery expected in early 2027.

The master-planned community is being proposed during a period of rapid growth in Anna. The fast-growing city’s population increased by an estimated 17 percent between July 2022 and July 2023, when it was home to an estimated 27,500 people, making it the fourth-fastest-growing city in the United States among cities with at least 20,000 residents, per U.S. Census Bureau data.

The growing demand in Anna stems mostly from its relatively affordable housing market. The average home price in Anna stands just under $360,000, significantly lower than the roughly $670,600 average in Frisco, according to Zillow.

To manage the city’s growth, developers pull about 1,200 residential permits a year, a figure expected to rise, as nearby semiconductor plants by Texas Instruments and GlobalWafers in Sherman generate employment opportunities.

In recent years, Anna has benefited from infrastructure investments, such as the Collin County Outer Loop, positioning the city as an emerging hub for business and residential development in the Dallas-Fort Worth region.

Another major land purchase in Anna came from Ascent Land Ventures, a subsidiary of Dosch Marshall Real Estate. The Houston-based developer purchased 17 acres at 9391 County Road 423 from the heirs of the Copeland, Cottrell and Adams families.

The average price of rural land in North Texas climbed to $8,200 per acre in the second quarter, a 6.7 percent increase from the previous year, according to Texas A&M’s Texas Real Estate Research Center.

— Andrew Terrell