Lenders’ Group Forecloses, Flips Nearly 33 Acres in 10 Days

DALLAS - C. D. Henderson Construction Group LLC, managing partner of a lenders' group, has foreclosed and flipped nearly 33 acres of multifamily-zoned land in Denton County. The new owner of the Carrollton site is J. Liu Property Co., which was represented by Wee-Ping Low of Providia Commercial Real Estate, both based in Dallas. Stephen A. Scott, senior vice president of Bradford Commercial Real Estate Services, represented the seller. The sale to Liu culminates nearly one year of the seller's attempt to gain control of acreage along Old Denton Road (FM 2281), directly across the street from the entrance to the 2,500-acre Castle Hills, the National Association of Home Builders' 2012 Community of the Year. "It was a miracle deal. It went under contract and closed on the same day," says Scott, who has worked closely for the past year with the seller of record, Carrollton-Old Denton Partners LLC, to develop a list of multifamily developers interested in the site. The seller held a first lien, but was unable to take the deed earlier through foreclosure because the asset was part of a bankruptcy case. The group of lenders was the only bidder for the land at the Denton County Sheriff's March 5 sale. "Liu is a savvy land speculator," Scott says. "We have a number of quality developers who'd like to have the site, but the Planned Development needs to be revised from single-story independent living to garden-style apartments. At this time, Liu's plan is to seek that revision from the City of Carrollton." The 32.8-acre tract of raw land could hold up to 250 apartments. Liu's new investment is situated a quarter-mile north of Hebron Parkway/Park Boulevard and close to the Sam Rayburn Tollway. Tucked into a neighborhood of single-family residential communities and retail, the property abuts the 59,365-sf Hebron Heights Shopping Center and is kitty-corner from a Kroger-anchored retail center.
March 25, 2013

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