Forestar is planning 90 homes between Houston and Galveston after its latest land buy.
The subsidiary of Arlington-based homebuilder D.R. Horton picked up a 30-acre parcel along Davis Road in League City, according to a news release from Colliers.
The seller was Houston-based Broad Reach Capital, deed records show. Colliers’ Chris Hutcheson, Harrison Kane and James Kadlick represented Broad Reach Capital.
The purchase came on the heels of a tender offer from Forestar. The company offered shareholders cash to purchase outstanding 3.85 percent senior notes due. Forestar received offers for 83 percent of the notes, amounting to $329.4 million.
Other big names in development have also been turning dirt for single-family development in League City.
Hillwood Communities started construction on Legacy by Hillwood, between Interstate 45 and FM 528, a year ago. It was the Dallas-based developer’s third community in the Houston area.
At full build-out, the 805-acre community will feature 1,600 homes, an elementary school and amenities like pools, a recreation center and launch areas for kayaks and paddleboards.
Like other far-flung suburbs of major Texas cities, League City is experiencing a wave of growth. In 15 years, its population has nearly tripled to 122,000 people; 40 percent of the city is still undeveloped.
The city is preparing for an influx of development with drainage improvements to address flooding and by upgrading the League City waterline, which comes from Houston.
Forestar sold more than 15,000 residential lots last year. The company operates in 24 states, according to its website, but its focus is on communities in the Sunbelt. D. R. Horton acquired a majority stake in Forestar in 2017.
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