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Cushman & Wakefield Arranges Sale of Four Land Parcels Totaling 94.33 Acres on Behalf of the Lewisville Independent School District

8/26/2020
Cushman & Wakefield has arranged the sale of four land parcels totaling 94.33 acres located in Highland Village, Carrollton, Lewisville and The Colony, Texas, on behalf of the Lewisville Independent School District (LISD). The developers will bring over 70 new homes to each location.

Parker

Windhaven Parkway and Parker Road

“Strong communities and strong schools go hand-in-hand, and we are pleased families will soon have more opportunities to purchase a home in our great district,” said Dr. Kevin Rogers, Superintendent of LISD.

LISD has previously acquired the properties through a voter-approved bond as potential school sites in preparation for its continued growth, however, the district no longer anticipates the need for additional schools in these areas. LISD is required by law to use these funds for bond projects. The sale of the properties will allow the district to invest the funds in future capital improvement projects, which will benefit students across LISD.

Maureen Kelly Cooper, Chris Harden, Ryan Duffie and Michael Thomas of Cushman & Wakefield represented Lewisville ISD in the transactions. Arcadia Realty and David Weekley Homes acquired the land for development. The new residential subdivisions include:

  • The Reserve at Chapel Hill located at 2601 Harlington Drive in Highland Village. David Weekley Homes plans to develop 73 single-family homes on 23.47 acres where new residents will feed into Heritage Elementary, a nationally recognized Blue Ribbon School.
  • Kensington Place located at 2667 Warmington Drive in Carrollton. Arcadia Realty plans to develop 96 single-family homes on 28.49 acres.
  • Camey Place located at 5729 Memorial Drive in The Colony. Arcadia Realty plans to develop 81 single-family homes on 17.71 acres. 
  • Parker Place located at the NE corner of Windhaven Parkway and Parker Road, adjacent to the highly rated Killian Middle School in Lewisville. Arcadia Realty plans to develop 130 homes on 24.66 acres.

“We are grateful to Lewisville ISD for allowing Arcadia and our builder partners to contribute to its efforts to deliver outstanding educational opportunities for its students,” said John Hodge of Arcadia Realty Corp. “Great schools are a vital part of creating great neighborhoods for our families.”

“David Weekley Homes is very excited to offer a new single-family community with The Reserve at Chapel Hill,” said Ken McDonald, Area President of David Weekley Homes in Dallas/Ft. Worth. “This community is in a great location in Highland Village and has access to a high-regarded school district in Lewisville ISD.”

LISD will benefit from these new developments by boosting student enrollment throughout the district along with utilizing the sale proceeds for bond-related projects. The award-winning school district encompasses 127 square miles, serving approximately 52,000 students in nearly 70 facilities. LISD students score approximately 125 points higher than the national average on the SAT and achieved a graduation rate of 97.3% for the Class of 2019.

“We are grateful for the opportunity to help Lewisville ISD monetize these excess properties,” Harden said. “Fortunately, there was significant pent-up demand for new housing in each of these cities. The top-rated schools coupled with proximity to major employment and lack of residential land provided a win-win for the school district and the community, which will greatly benefit from the work of these best-in-class developers.”

Two parcels in Flower Mound, Texas, remain available. These include 79.62 acres at 1330 Long Prairie Road and 24.60 acres at 3227 Wager Road.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWakeExternal Link on Twitter. 

Cushman & Wakefield Media Contact

Savannah Durban Atlanta Communications
Savannah Durban

Senior Communications Specialist, Central Region • Atlanta

Ms. Durban leads public relations for Cushman & Wakefield's Central region. She oversees media relations, thought leadership initiatives, and manages blogs and social media.

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