DALLAS—Venture Commercial Real Estate's Land Division has brokered the sale of 26 acres near Windsong Ranch for a 300-unit townhome-style luxury apartment development, to be located within the Prosper Independent School District.

Terre Verde Group, the developer of Windsong Ranch, sold the land tract to Atlanta-based Davis Development. The property is located at the northeast quadrant of Highway 380 and Gee Road, adjacent to the new 300,000 square foot Kroger-anchored retail development that is expected to break ground in December.

"Craig Martin and David Blom of Terre Verde Group hired us to find the best multifamily developer for the only project of this type on the 2,030-acre Windsong Ranch, and we all agree that Davis Development is the perfect fit," Ken Reimer, a partner at Venture Commercial, told GlobeSt.com.

“We found this to be an ideal location for our latest DFW multifamily project, with its proximity to a great new retail center and Prosper ISD schools,” says Gene Babb, who handles land acquisitions for Davis Development. “Our development will be a two-story product, and each unit will have a direct-access garage.”

Reimer, Edward Bogel and David Davidson Jr. of Venture represented Terra Verde Group in the transaction. Bogel and Davidson Jr. represented Davis Development.

“Luxury rental has become a preferred housing option for many millennials who are delaying the purchase of their first home,” says Martin, founding partner of Terra Verde Group.  “We also see luxury rental appealing to relocating families that choose to rent until they find the right home or while their home is being built nearby.”

The $1.2-billion Windsong Ranch master-planned development is located 2.5 miles west of the Dallas North Tollway on Highway 380 and will consist of 3,100 single-family residential lots, 150 acres of mixed-use development along U.S Highway 380 and 600 acres of open space with native preserves, trails and parks. The first three phases has been completed.