Centurion American Development Group has tightened its grip on the north Dallas suburbs with the acquisition of 1,100 acres.
Mehrdad Moayedi’s firm bought the land, situated between Celina and Pilot Point, from Dallas Cowboys owner Jerry Jones’ firm, Blue Star Land, the Dallas Morning News reported. Trez Capital issued financing for the acquisition.
Blue Star Land’s Joe Hickman and Rex Glendenning of Rex Real Estate facilitated the deal; the terms were not disclosed.
The tract, located along F.M. 1385 and near the Dallas North Tollway extension, is earmarked for a future master-planned development, adding to the slew of North Texas communities that Centurion has spearheaded. This site is just north of previous projects by the firm, including Winn Ridge, Sutton Fields and Creekview Meadows.
In Celina, Centurion is developing its largest ever project, a 3,200-acre master-planned community called Legacy Hills. It’s slated for 7,000 single-family homes, 4,100 multifamily units, a country club and 100 acres of commercial space.
“Centurion has really capitalized on the dynamic demand and growth in this corridor, having acquired over 6,000 acres of development land in the area,” Glendenning told the outlet.
Elsewhere in Dallas-Fort Worth, the firm is planning a 1,500-acre master-planned community in Grayson County and an overhaul of Plano’s Collin Creek Mall. Centurion recently received $24.4 million in PACE funding for the Plano project.
The suburbs aren’t the only point of focus for Centurion. It’s also spearheading a 14-story condo building in Dallas’ Turtle Creek neighborhood and a 182-unit apartment complex in downtown Dallas.
—Quinn Donoghue
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