Century Communities muses home lots in Magnolia
The homebuilder has considered buying 242 lots at The Lakes at Black Oak
UPDATED: Nov. 17, 3:45 p.m.
Century Communities has considered buying 242 undeveloped lots at the residential community The Lakes at Black Oak in Magnolia.
Alset Inc. owns the property and has considered selling it to Century 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.
The residential community is built around two small lakes and has about 100 homes already built and managed by Turner Mangum Real Estate.
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 Houston’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.
- Entry level homes popular with Woodlands home buyers in May
- Luxury gated community coming to ranch country north of Houston
- More Houston-area homes in the pipeline
Correction: A previous version of this story misstated information about this deal, which has not closed.