Legacy cattle ranch just west of Fort Worth to become new residential community

A historic ranch west of Fort Worth was sold in one of the largest country stores in North Texas that year.

Veale Ranch covers nearly 3,800 acres and stretches across the border of Counties Tarrant and Parker.

The property – just 11 miles from downtown Fort Worth – has been a cattle ranch in the same family since 1935.

The ranch is just south of Interstate 20 between Fort Worth and Weatherford.

In 2017, the Veale Ranch was priced at $ 95 million.

Now the historic property has been bought by the Dallas-based community developer PMB Capital, who 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 area,” said real estate agent Rex Glendenning, who represented the Veale family on the sale. “This ranch is strategically located near the central business district of Fort Worth and will enable real, planned, mixed-use master development.

“The ranch is adjacent to the planned new Rivian automobile manufacturing facility, which will be located on part of the adjoining Walsh Ranch.”

Previous development studies indicated that Veale Ranch could support the future development of a community with a population of up to 30,000.

“Much of the ranch is in the coveted Aledo School District,” said Glendenning. “This property is ideally positioned for success.”

The Veale Ranch is west of Fort Worth and is adjacent to the Walsh Ranch development.(Rex Real Estate)

PMB Capital is already building another large residential complex in Tarrant County in addition to the Veale Ranch.

“PMB has developed a neighborhood called Ventana that is on the east side of Veale Ranch,” said Ted Wilson, director of Dallas-based housing consultant Residential Strategies. “They made over 230 Home Starts a year there and it was extremely successful.

“You will be able to push this neighborhood further west into the 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 intersection of State Highway 114 and US Highway 287 in Wise County. The former Rolling V Ranch is now home to a $ 3.5 billion house community called Reunion that is believed to have 10,000 homes.

PMB Capital is currently building nine residential communities in North Texas. And the company owns more than 12,000 hectares with space for 40,000 residential building lots.

“PMB is extremely active these days with some top notch deals,” said Wilson.

Glendenning’s Frisco-based Rex Real Estate brokered the sale of the Veale Ranch, with Taylor Baird of PMB Capital Partners negotiating for the buyer.

The terms of the transaction were not disclosed.

In addition to residential land, Veale Ranch has land that could be used for commercial construction, Glendenning said.

“Since the Union Pacific Railroad is along the northern border of Veale Ranch, the opportunity to include an industrial park in the overall project is excellent,” said Glendenning Sale.

The Veale Ranch sale is just the latest in a series of mega-real estate deals Glendenning has completed this year.

Rex Real Estate recently brokered the sale of more than 3,000 acres near Celina and more than 1,000 acres in Kaufman County east of Dallas to community developer Centurion American Development Group.

With housing starts in North Texas soaring more than 40% this year, builders are rushing to find plots for future residential communities.

Wilson said builders in the D-FW area submitted plans for sites for 40,000 new homes in the first quarter of this year and planned 45,000 more plots in the second quarter.

“Of course the housing market is scorching hot and there is a lack of building land,” he said. “The builders and developers have to grab the next round of land to meet the demand.”

When the Veale Ranch went up for sale in 2017, it had an asking price of $ 95 million. The terms of the sale just completed will not be disclosed.(Republic of Ranches)

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