Institutional investors advised by JPMorgan Asset Management have sold a 9.4-acre parcel in the Lakewood area of Dallas. Megatel Homes and development partner Centurion American Development Group acquired the tract for an undisclosed price. The parcel crosses Shadyside Lane at East Grand Avenue.
The buyers plan to develop about 60 luxury homes on the site, which is adjacent to the Santa Fe Trail and in a Conservation District. They’ve received city approval to remove 2 acres from the floodplain for a total of about 8.5 acres of developable land.
Lane Kommer of Henry S. Miller Brokerage represented the sellers in the deal.
“This property is one of the largest infill single-family tracts in the Dallas area,” he said, in a statement. “Located just minutes from downtown Dallas and less than 1 mile from White Rock Lake, this investment was a phenomenal assignment for us and will be a lucrative investment for the purchasers.”