Stratford Group sells land to Lennar in Euless
Press CoverageLennar Homes buys land in Euless Riverwalk project
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By STEVE BROWN
Real Estate Editor
Published: 12 February 2013 08:49 PM
Lennar Homes has bought land in Euless for a new 200-home residential community.
The vacant property near State Highways 360 and 183 was part of a larger tract purchased two years ago by investor Stratford Land.
Lennar Corp. just acquired 49 acres out of the Riverwalk development project for its single-family home community.
“We had multiple buyers interested in that land,” said Stratford’s Jason Stowe. “Our vision is for a walkable community with mixed-uses.”
Lennar’s purchase is along Bear Creek Parkway north of S.H. 183.
Construction on the residential community will start this summer, according to Greg Urech, director of land operations for Lennar.
“The homes Lennar plans to build in Riverwalk demonstrate our plan to enhance the value of our brand and become one of the top builders in North Texas,” Urech said in a statement. “Our Riverwalk homes will comprise the first of several new developments in the region where we will debut a new, upgraded product line that encompasses higher quality details and amenities.”
Lennar plans to sell the houses in its Riverwalk neighborhood starting at more than $300,000.
The builder also has the option to increase the size of the single-family home it plans in the project.
The purchase for the residential community is Stratford’s first sale in the Riverwalk development since it bought the vacant land from another developer in 2011.
“It’s an extremely well located site,” Stowe said. “We thought this was an investment we couldn’t go wrong with.”
Stratford is talking with apartment developers who want to buy land for construction of about 500 rental homes.
And the investor is looking at potential retail and commercial projects on other vacant properties in the project.
“Since we are close to D/FW Airport, we hope to have some hospitality firms interested,” Stowe said.
Real estate broker Andrew Prine negotiated Stratford Land’s property sale to Lennar.
Stratford Land is a private, Dallas-based investment company that has been in business for 25 years. The company has properties in Texas, Arizona, California, Colorado, Tennessee and along the eastern seaboard from Virginia to Florida.
Miami-based Lennar is one of the country’s largest homebuilders and has more than two dozen communities in North Texas.
