Coveted 251 Acres in Fast-Growing Burbs Go to Market
These properties, ranging in size from 3.5 to 80 acres, are located in some of the fastest-growing suburbs in DFW including Carrollton, the Colony, Lewisville, Flower Mound and Highland Village.
LEWISVILLE, TX—The Lewisville Independent School District is offering 11 properties within the school district boundary that total approximately 251 acres. The portfolio has been deemed surplus property by the school district. Ranging in size from 3.5 to 80 acres, the properties are being offered individually, in groups or as an entire portfolio to qualified investors and developers.
Most of the properties are undeveloped and vacant parcels at in-fill locations. These locations are in established neighborhoods and districts in some of the fastest-growing suburbs in the metro including Carrollton, the Colony, Lewisville, Flower Mound and Highland Village, within one of the best school districts in North Texas.
Two of the properties include building improvements such as the 23,000-square-foot former district special services building located at 400 W. Main St. in downtown Lewisville, which is immediately adjacent to Medical City Lewisville Hospital. Another 62 acres are located within Flower Mound, which was named number 16 on CNN/Money magazine’s list of “Best Places to Live” in 2018.
On average, there are more than 200,000 residents within 5 miles of each site, with average household incomes of more than $118,000. All areas are experiencing explosive growth with high daytime population densities. Many of the properties are ideal for a range of uses, including various densities of residential, commercial and mixed use.
“Lewisville ISD is recognized for its dedication to resource stewardship and being fiscally conservative with taxpayer dollars,” says Kevin Rogers, Lewisville Independent School District superintendent of schools. “The district purchased most of these properties to prepare for anticipated growth. When it became apparent market conditions had changed and the properties were no longer needed, the district made the decision to sell the properties. Because bond funds were used to purchase these properties, any profits from the sale of the properties must go back into the district’s bond funds. LISD will be able to utilize the funds for bond-related projects.”
Cushman & Wakefield’s Maureen Kelly Cooper, Chris Harden, Ryan Duffie and Michael Thomas are working with the school district to market the portfolio.
“It is not often that an opportunity arises to be able to purchase this many prime sites in one of the best school districts in a northern Dallas suburb,” Cooper said. “Three of the sites are located less than a 15-minute drive to Legacy West/Shops of Legacy area, which has seen explosive development growth in recent years.”
Cushman & Wakefield anticipates strong interest from developers based on the school district, location to amenities such as Lake Lewisville and Lake Grapevine, and access to major freeways and Fortune 1000 corporate offices, Harden adds. Scarcity of land in Lewisville will also be a factor, says Maya Sachdeva of Metrostudy.
“Lewisville is a fairly built-out market and as a result, land pricing has escalated. The cost of the land dictates the price of the home and as a result, Lewisville new home pricing is heavily distributed in the $400,000 to $499,999 range,” Sachdeva tells GlobeSt.com. “Demand has stayed strong in the area, however higher prices have removed a significant amount of buyers from being able to purchase in Lewisville.”
Recent developers and homebuilders in the area have turned to denser or smaller product types on lot sizes 55 feet wide or less to lower price points into the $300,000 to $399,999 price range. This move has allowed more buyers to enter the market. Future lot sizes are anticipated to be in the below 50 feet wide range as affordability is a key issue in purchasing a home, Sachdeva tells GlobeSt.com.