November 3, 2014
The Oaks of Walnut Creek LLC has sold 157 acres in Mansfield to MKP Development LLC.
The buyer plans to develop a 100-lot luxury residential community, The Oaks Preserve, featuring 40 acres of trails, habitat sanctuary and equestrian center. The Oaks Preserve will be laid out with one- to two-acre lots: 44 in Phase One, of which 16 are earmarked as a gated enclave, and 56 in Phase Two.
Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW represented the seller.
“Residential demand in the area is the market driver for the immediate construction,” said Wayne Burgdorf.
Negotiations for the land began in the summer. “The buyer is a local developer who has a good plan for developing the property,” Burgdorf says.
The seller acquired the land – at the corner of West Broad Street and Lillian Road – about 10 years ago as an investment. In recent years, the widening of Broad Street, which runs through Mansfield’s historic downtown, and the extension of city water lines have significantly enhanced the property’s development viability, according to Coldwell Banker officials..
MKP Development has selected Summit Custom Homes Inc. and Innovation Builders Inc. as the homebuilders for Phase One. Six additional custom homebuilders are lined up for construction in the gated enclave, which will feature larger lots and exclusive amenities. MKP Development was represented by Charles Stokely of Re/Max in the land acquisition.
Eyeing second quarter 2015 for the initial delivery of lots, MKP Development LLC has closed on a 157-acre tract and immediately jumped into preparing the raw land for the city’s newest luxury development, The Oaks Preserve. – Robert Francis, firstname.lastname@example.org