Located in Little Elm, Texas, Elmwood was acquired in 1998 and 1999 at a purchase price of $16,276,405, or $12,131 per acre. The 1,342 acre project had no entitlements or utilities. Tomlin designed the land plan and received zoning from the City of Little Elm. The strategy was the same as we used on Lone Star. However, buyers came to us quicker than expected. In 2001, 212 acres were sold for $7,011,680. The next year, 2002, 1,033 acres were sold for $44,995,000. Sales through 2009 total $64,493,168. The remaining 17 acres, zoned retail, have been held off the market because of increasing demand and rising prices. It should be sold in 2014 for in excess of $5,000,000.
Tomlin's goal for every project is to return the investors' capital as soon as possible, and then maximize profit as an area matures.