Terms of the acquisition were not disclosed.
The Wells family had owned the land at the northeast corner of Coit Road and Frontier Parkway near Preston Road since before the Civil War. David Davidson Sr. brokered the land deal.
“North Dallas is attracting high profile company headquarters from around the world and this new community will benefit from that growth,” said Ross Perot Jr., chairman of Hillwood and The Perot Companies, in a statement.
The Wells family selected Hillwood as the buyer of the acreage based on the company's reputation, said Marianne Wells, one of the landowners.
“We decided to go with Hillwood because they are sensitive to the land and its history and that's when we knew we couldn't find anyone better (to sell the land to),” Wells added.