Old cattle ranch just west of Fort Worth to become a new residential community
A historic ranch just west of Fort Worth was sold in one of North Texas’s largest land deals this year.
The Veale Ranch is nearly 3,800 acres and stretches across the border of Tarrant and Parker counties.
The property – just 11 miles from downtown Fort Worth – has been a cattle ranch owned by the same family since 1935.
The ranch is south of Interstate 20, between Fort Worth and Weatherford.
In 2017, Veale Ranch was up for grabs with a prize of $ 95 million.
Now the historic property has been purchased by Dallas-based community developer PMB Capital, which has major residential projects in the Dallas-Fort Worth area.
“The Veale Ranch represents one of the most unique investment development opportunities in the entire D-FW region,” said real estate broker Rex Glendenning, who represented the Veale family on the sale. “This ranch is strategically located close to the Fort Worth central business district and will allow for true mixed-use planned development.
“The ranch is adjacent to the new Rivian auto production plant which will be located on part of the adjacent Walsh Ranch.”
Previous development studies have indicated that Veale Ranch could support the future development of a community of up to 30,000 residents.
“Much of the ranch is located in the highly desirable Aledo school district,” Glendenning said. “This property is ideally positioned for success.
PMB Capital is already building another large Tarrant County residential development adjacent to the Veale Ranch.
“PMB has developed a neighborhood called Ventana, which is on the east side of Veale Ranch,” said Ted Wilson, director of Residential Strategies, a Dallas-based housing consultant. “They’ve done over 230 starts a year there, and it’s been a success.
“They’re going to be able to keep pushing this neighborhood west to Veale Ranch.”
The two projects west of Fort Worth are part of an even larger residential development program from PMB Capital.
In 2019, the company purchased 3,600 acres near the intersections of State Highway 114 and US Highway 287 in Wise County. The former Rolling V Ranch is now the site of an original $ 3.5 billion community called Reunion, which is expected to have 10,000 homes.
PMB Capital is currently building nine residential communities in North Texas. And the company owns over 12,000 acres with room for 40,000 residential building lots.
“PMB is extremely active these days with first class transactions,” Wilson said.
Rex Real Estate, based in Glendenning, Frisco, negotiated the sale of Veale Ranch with Taylor Baird of PMB Capital Partners leading negotiations for the buyer.
Terms of the transaction were not disclosed.
In addition to residential land, the Veale Ranch has sites that could be used for commercial construction, Glendenning said.
“With the Union Pacific Railroad located along the northern boundary of the Veale Ranch, the opportunity to integrate an industrial park into the overall master plan project is exceptional,” Glendenning Sale.
The Veale Ranch sale is the latest in a series of mega real estate deals that Glendenning has processed so far this year.
Rex Real Estate recently negotiated the sale of over 3,000 acres near Celina and over 1,000 acres in Kaufman County east of Dallas to community builder Centurion American Development Group.
With housing starts in North Texas up more than 40% this year, builders are scrambling to find sites for future host communities.
Wilson said that in the first quarter of this year, home builders in the D-FW area filed plans for sites for 40,000 new homes, and they set up an additional 45,000 home sites in the second quarter. .
“Obviously the housing market is hot and there is a shortage of building land,” he said. “Builders and developers must seize the next round of land to meet demand. “