Similar land deals have traded for anywhere between $16,000 and $20,000 per acre, and Ken Wimberly, senior advisor with Sperry Van Ness/Visions Commercial's office in Fort Worth says the buyer received a fair deal on the parcel from the seller, who was represented by Matt Wilken of Materica Capital Inc. in Lantana, TX.

The land lies at the intersection of McPherson Boulevard and McCart Avenue. "Both of those roads currently terminate, but they'll continue on through this parcel at some point," comments Wimberly, who represented the buyer with Sperry Van Ness/Visions Commercial's senior advisor Trevor Dyck.

Dyck says the buyer isn't a developer, but will parcel out the land in the coming years, based on market demand. "We have an LOI on the multifamily parcel from a Dallas developer," he tells GlobeSt.com. "That is the most immediately available and developable piece of land. It could probably support a couple hundred units." Dyck goes on to say a groundbreaking on the multifamily acreage or any other portion of the land won't take place any time in the near future.