Century Communities has acquired 242 undeveloped lots at the residential community The Lakes at Black Oak in Magnolia.
The developer purchased the lots from Alset Inc. for an estimated $12.9M, according to a filing with the Securities and Exchange Commission. The Lakes at Black Oak is a single-family home community located at 206 Stalwart Hill Trail in the suburb north of Houston, about 10 miles from The Woodlands.
“This agreement to develop and sell lots for single family homes is an integral part of our multi-pronged strategic approach to managing our real estate business,” Alset Inc. stated in the SEC filing.
The residential community is built around two small lakes and has about 100 homes already built and managed by Turner Mangum Real Estate.
Century Communities has not released any information about its building plans across the 242 lots, but the homes already built are generally two- or three- bedroom, comprising 2,000 square feet and starting at $230,000, according to the Turner Mangum website, which listed about 24 homes.
Magnolia has doubled its population in the past decade to more than 2,000 residents, according to U.S. Census Bureau data.
Much single family growth is being focused in Hosuton’s northern suburbs, where investment firms have been buying up land and homes at a record pace compared to other parts of the country, according to a National Realtors Association report from May.