Arctos Sports Partners founder Ian Charles has recently closed on the sale of a large lot in Dallas’ Highland Park district, right across the street from the home of another big name in sports, Cowboys’ owner Jerry Jones.
Located at 4311 Lakeside Drive, one of the busiest streets in the area, the 2.34-acre lot has an appraised market value of around $7.9 million, which is rather inexpensive for a lot in the Highland Park area.
Charles is looking to build a new home on the property, and has tapped SHM Architects for the design — the same firm that worked on his current home in Highland Park.
Charles’ private equity firm — whose assets total more than $5 billion — owns pieces of the Boston Red Sox, the Golden State Warriors and the Sacramento Kings.
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One reason the lot sold relatively cheaply in a neighborhood where other empty lots have sold for $10 million to $12 million is that the terrain made the land look less valuable at first glance, according to Douglas Newby, a realtor for Douglas Newby and Associates, who works with SHM to advertise architecturally significant homes across the DFW metroplex.
“The lot had never been marketed to where someone had a quick, clear, full understanding of the lot,” he said.
The elevated island lot Charles purchased is rather unconventional compared to most others in the area, Newby explained, and those kinds of lots often undersell because their value is not easily recognizable from the curbside, and the seller doesn’t make an effort to explain its potential.
“Most just move on to the next house,” he said.
Drew Ross of SHM Architects is the lead designer for the new Charles residence, which is just down from their main residence on Stanford Avenue in one of Highland Park’s most prestigious residential districts.
The Charles’ Stanford Avenue home has five bedrooms, seven and a half baths, and several high-end amenities, including a bowling alley and full gym. There’s also plenty of wall space for art, which Charles collects.
While details on the new home were not shared, it would be located along the most expensive strip of houses in Highland Park, spanning Preston Road, Beverly Drive, and Armstrong Avenue.
It will be less than the length of a football field from Jones’ home.
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