Denton, Texas, February 4, 2026
Old Prosper Partners has acquired Craver Ranch, a historic 2,500-acre property in Denton, Texas, for $5.1 billion. Plans include a master-planned community with 7,100 homes, 1,100 townhomes, and 1,000 apartments, alongside commercial areas and parks. City Council approval was obtained in December, with initial construction set to start in two years despite local environmental concerns.
Denton, Texas: Developer Acquires Craver Ranch for $5.1 Billion Community
Denton, Texas – Real estate investment firm Old Prosper Partners has finalized the purchase of Craver Ranch, a 2,500-acre property in northern Denton, with plans to develop a master-planned community valued at approximately $5.1 billion upon completion. The acquisition was completed on Friday, as confirmed by co-founder Teague Griffin. The Denton City Council approved the zoning for the project in December, facilitating the development process.
Development Plans and Community Features
The proposed development includes nearly 7,100 single-family homes, approximately 1,100 townhomes, and around 1,000 apartments. Additionally, the plan allocates 340 acres for commercial development and over 360 acres for park space, featuring a central 338-acre park at the heart of the community. The initial phase will consist of approximately 800 single-family homes, with construction expected to commence within the next two years. The development’s name will be announced in the near future.
City Approval and Municipal Management District
In December, the Denton City Council approved the creation of a municipal management district to support the development. This district will finance infrastructure such as roads, parks, and utilities through developer-backed assessments. The developer has committed to contributing $7.5 million toward city needs, including $2.5 million for emergency services, $2 million for a public works facility, and $3 million for the city’s affordable housing program.
Community Response and Environmental Concerns
The project has faced opposition from local residents concerned about its impact on the environment and local infrastructure. Issues raised include potential strain on local aquifers, disruption of wildlife corridors, and changes to the rural character of the area near Ray Roberts Lake. Despite these concerns, the Denton City Council approved the development, emphasizing the project’s potential to reshape the region’s landscape and economy.
Background Context
Craver Ranch, a historic 2,500-acre property in northern Denton, has been a significant part of the region’s landscape for nearly a century. The acquisition by Old Prosper Partners marks a substantial investment in the area’s growth and development. The project is part of a broader trend of large-scale master-planned communities being developed in North Texas to meet the growing demand for housing and amenities.
Frequently Asked Questions (FAQ)
What is the Craver Ranch development?
The Craver Ranch development is a master-planned community in Denton, Texas, covering 2,500 acres and valued at approximately $5.1 billion upon completion. It includes nearly 7,100 single-family homes, about 1,100 townhomes, and around 1,000 apartments, along with commercial and park spaces.
When is construction expected to begin?
Construction is expected to commence within the next two years, with the initial phase consisting of approximately 800 single-family homes.
What is the role of the municipal management district?
The municipal management district will finance infrastructure such as roads, parks, and utilities through developer-backed assessments. The developer has committed to contributing $7.5 million toward city needs, including $2.5 million for emergency services, $2 million for a public works facility, and $3 million for the city’s affordable housing program.
What concerns have local residents raised?
Local residents have expressed concerns about the project’s impact on the environment, including potential strain on local aquifers, disruption of wildlife corridors, and changes to the rural character of the area near Ray Roberts Lake.
What is the significance of Craver Ranch?
Craver Ranch is a historic 2,500-acre property in northern Denton, significant to the region’s landscape for nearly a century. Its acquisition by Old Prosper Partners represents a substantial investment in the area’s growth and development.
Key Features of the Craver Ranch Development
| Feature | Details |
|---|---|
| Location | 2,500-acre property in northern Denton, Texas |
| Residential Units | Approximately 7,100 single-family homes, 1,100 townhomes, and 1,000 apartments |
| Commercial Space | 340 acres allocated for commercial development |
| Parks and Open Space | Over 360 acres, including a central 338-acre park |
| Initial Phase | Approximately 800 single-family homes, construction expected to start within two years |
| Municipal Management District | Established to finance infrastructure through developer-backed assessments, with a $7.5 million contribution from the developer |
| Community Concerns | Opposition regarding environmental impact, strain on local aquifers, and changes to the rural character of the area |
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Investor Purchases 2,500 Acres in Northern Denton for Home Development
