Mustang Lakes, Celina TX: Homes, Schools, PID and Builders

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Mustang Lakes is a 682-acre master-planned community by Cambridge Companies at the point where Celina, Prosper and McKinney meet, with its entrance at Frontier Parkway and Waterview Trail east of Preston Road. Planned for roughly 1,800 homes, it is built around eight lakes, creeks and rolling terrain, with more than 60 acres of open space, a 20-acre central park and a 12,000-square-foot club. Homes carry a Celina address, and the community is served by Prosper ISD with Sam Johnson Elementary on site. Homeowners pay assessments through Mustang Lakes Public Improvement District No. 1, and HOA dues include front yard maintenance. Nitin Gupta, CRS, GRI, Broker Associate with Competitive Edge Realty, represents buyers and sellers in Mustang Lakes and across Celina and Prosper. Call 469-269-6541 or contact Nitin to start with a conversation.

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A Celina address with Prosper ISD schools

Mustang Lakes sits inside Celina city limits while being served by Prosper ISD, with Sam Johnson Elementary inside the community, within walking distance of many homes. That combination is the reason many buyers shortlist it: the same district as communities further south, at a different price point. Because the community sits on a district edge, confirm the assigned campuses for the specific homesite with the district before you write an offer rather than relying on a builder page, and re-confirm for a lot in a newer phase. Learn more about Prosper ISD schools and compare districts with the DFW school district ratings guide.

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Mustang Lakes has a PID

The community's own materials state that Mustang Lakes lies within Mustang Lakes Public Improvement District No. 1, a district established by the City of Celina to fund public infrastructure improvements, financed by assessments against property owners inside the district. That assessment is billed in addition to regular property taxes, and the amount varies by homesite. Some third-party write-ups still describe Mustang Lakes as having no PID, which is out of date and worth ignoring. Ask for the assessment amount and remaining term for the specific address in writing before you sign, and add it to the monthly payment when comparing against communities without assessments, such as Star Trail or Windsong Ranch. Read the MUD vs. PID guide.

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HOA dues include year-round front yard maintenance

Dues at Mustang Lakes have recently been published in the range of about $150 to $190 a month depending on lot size, and they include year-round front yard maintenance on a set schedule: about 40 mowings and edgings, 12 weedings and shrub trims and three fertilizer applications a year, with rear yard service available by separate contract. Dues also cover staffing, operations and maintenance of the amenities and common areas. The community is managed by a third-party association management company. When comparing with a community where you mow your own yard, price that service in rather than comparing dues side by side.

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The Club and the amenities

The amenity package is the community's calling card. Club Mustang is a 12,000-square-foot clubhouse with a fitness center, yoga and aerobics room, weight room, meeting rooms and lounges, with lake views. Around it sit a resort-style pool with a lazy river, a lap pool, a children's splash pool, an amphitheater, tennis and basketball courts and a playground, all within a 20-acre central park with mature oaks, a private five-acre stocked lake and an island. The wider community includes eight lakes, more than 60 acres of open space and a trail system planned to exceed 18 miles at completion. Confirm what is open today and the timing for anything still under construction.

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Neighborhoods, homesites and builders

Mustang Lakes is not one product type. Alongside conventional 50-, 60-, 74- and 86-foot homesites, the community has added 100-foot homesites and a final phase of one-acre-plus custom lots, plus two distinct villages: Woodhaven, with patio homes on 65-foot lots, and Oaklawn, with rear-entry homes on 40-foot lots. Builders have included Britton Homes, Coventry Homes, Highland Homes and Perry Homes. Pricing has spanned roughly the $500,000s to $3 million and above depending on homesite and custom section. Because the homesite type drives both price and resale far more than the floor plan does, choose the section before you fall in love with a plan. Compare builders in the DFW builder guides and the builder FAQ hub.

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Buying new construction in Mustang Lakes

The builder's sales representative works for the builder, not for you. New construction means a builder contract rather than the standard Texas promulgated form, with the builder's own terms on deposits, construction timelines, change orders and delays, and across four builders those terms differ. On a lake, park or custom homesite, the lot premium is often the largest line item after base price, and it is worth weighing against what similar premiums have actually returned on resale in the community. Read who represents you at a Texas model home, the Mustang Lakes new construction guide, and learn how new construction buyer representation works.

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Location and commute

Mustang Lakes sits north of US-380 at the Celina, Prosper and McKinney corners, minutes from the Dallas North Tollway and with US-75 reachable to the east. Shopping, dining and healthcare in Prosper, McKinney and Frisco are all within a short drive. Because both the tollway corridor and US-380 carry heavy commuter traffic at peak times, drive your own route at the hours you would travel before choosing a homesite.

Comparing Mustang Lakes with nearby communities

The useful comparison is on district, assessments and price. Mustang Lakes and Light Farms both have Celina addresses with mostly Prosper ISD schools and both carry assessments. Star Trail and Windsong Ranch sit in Prosper with no MUD or PID, typically at higher price points. Cambridge Crossing also includes yard maintenance in dues. Mosaic is in Prosper ISD with PID assessments and offers townhomes. Legacy Hills is far larger and in Celina ISD. What separates them is the total monthly payment and what you get for it, not the amenity photos. See top DFW master-planned communities.

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Selling a home in Mustang Lakes

Sellers here compete with builder inventory in newer phases of the same community. Pricing works best against recent sales on the same homesite width and in the same village, since a 40-foot rear-entry home and a one-acre custom home share little beyond an address. Buyers will ask about the PID balance and the HOA inclusions, so have both ready. See the seller marketing plan, seller services and current listings, or learn about landlord leasing services if you plan to rent the home out.

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Mustang Lakes FAQs

What school district serves Mustang Lakes?

Prosper ISD, with Sam Johnson Elementary inside the community, despite the Celina address. Because the community sits on a district edge, confirm the assigned campuses for the specific homesite with the district before you buy.

Does Mustang Lakes have a PID?

Yes. The community lies within Mustang Lakes Public Improvement District No. 1, established by the City of Celina to fund public infrastructure, financed by assessments against owners in the district. The amount varies by homesite, so request the figure and remaining term in writing.

What do the HOA dues include?

Recently published at about $150 to $190 a month depending on lot size, dues include year-round front yard maintenance, roughly 40 mowings and edgings, 12 weedings and shrub trims and three fertilizer applications a year, plus staffing, operations and maintenance of the amenities and common areas. Rear yard service can be contracted separately.

What amenities does Mustang Lakes have?

A 12,000-square-foot clubhouse with fitness center, yoga and aerobics room and lounges, a resort-style pool with lazy river, a lap pool, a splash pool, an amphitheater, tennis and basketball courts, a playground, a 20-acre central park with a five-acre stocked lake and island, eight lakes, 60+ acres of open space, and trails planned to exceed 18 miles.

Who builds in Mustang Lakes, and what do homes cost?

Builders have included Britton, Coventry, Highland and Perry, on homesites from 40 feet through 100 feet plus one-acre-plus custom lots. Pricing has spanned roughly the $500,000s to $3 million and above depending on section.

Is Mustang Lakes in Celina or Prosper?

It is inside Celina city limits, at the corners where Celina, Prosper and McKinney meet, and is served by Prosper ISD. City services and taxes come from Celina; schools come from Prosper ISD.

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Work With Nitin Gupta in Mustang Lakes

Nitin Gupta is a Broker Associate with Competitive Edge Realty with 480+ closed DFW transactions, 13 professional designations including CRS and GRI, and D Magazine Best REALTOR® recognition in 2020, 2023 and 2024. He serves clients in English, Hindi, Punjabi, Urdu and Gujarati. Read client reviews, watch model home tours on his YouTube channel, or call 469-269-6541.

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