Old Prosper Partners has major residential development plans for a nearly 2,500-acre site north of McKinney.
The North Texas-based investment firm acquired one of the largest undeveloped tracts in Collin County with long-term plans for thousands of apartments and homes, the Dallas Morning News reported. The deal marks the firm’s largest transaction of the year.
The 2,452-acre property, known as The Colmena Ranch, was previously owned by BFJ Land LLC, according to county tax records. While the purchase price and other terms of the transaction were not disclosed, Old Prosper Partners’ Teage Griffin confirmed that the firm paid cash for the land.
The Collin County Outer Loop, which is under construction, will bisect the property, positioning the land strategically for future development. Before starting construction, Old Prosper Partners will need to secure the necessary permits and zoning, a process that Griffin estimates could take two to three years.
Old Prosper Partners has been actively expanding its holdings across North Texas, acquiring over 6,000 acres in Collin and Denton counties since 2021. The firm also sold more than 1,000 acres in these areas during that time.
The company purchased the 1,076-acre Green Meadows property in Denton County, one of the last major undeveloped sites west of Prosper and Celina.
As the firm expands its footprint in these areas, it is planning to capture the explosive growth happening across the region.
In Collin County, located northeast of Dallas and home to cities like Celina, Plano and Frisco, the population is expected to double to 2.4 million by 2060, according to the Texas Demographic Center. Among the towns in Collin County, Celina has seen the most significant growth, with its population surging by 97 percent since 2020.
— Andrew Terrell
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