Century Communities is set to acquire 205 home lots in Magnolia, a growing Montgomery County community.
Century Land Holdings of Texas, a subsidiary of the Colorado-based homebuilder, entered into a contract earlier this month to buy the lots for $11 million from LiquidValue Development, according to an SEC filing.
The lots are in Lakes at Black Oak, a 187-acre residential community at 206 Stalwart Hill Trail. About 63 of the homesites will be part of Alset International’s Ehome series of sustainable, smart homes dubbed the Alset Villas.
Most of the homes in Lakes at Black Oak have two- or three-bedrooms, span about 2,000 square feet and start at the mid 200s, according to its website. The median cost of a single-family home in Magnolia hovers around $310,000, according to Redfin.
This is Century Communities’ second acquisition in the development. The firm purchased 242 undeveloped lots in the Lakes at Black Oak for nearly $13 million from Alset Inc. about a year ago. Attempts to reach Century Communities and LiquidValue Development were unsuccessful.
With just over 2,000 residents, Montgomery has doubled its population over the past decade, and it’s continuing to grow.
The XAG Group purchased 20 acres, with plans for a retail center and more than 300 apartment units, in Audubon’s 3,000-acre master-planned community in Magnolia.
Charlotte-based developers Red Hill Ventures is planning Magnolia Crossing, a 95-acre project set to bring 200 single-family homes and 300 apartment units, plus retail and walking trails to Magnolia.
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Montgomery County, more broadly, has been a hotbed of growth and development. The county grew nearly 50 percent over the past decade, growing from 455,000 residents to 678,000. In the wake of the Grand Parkway’s recent expansion, Montgomery County is experiencing a surge in residential development. Developers are seizing the opportunity to create communities in the once rural county.
Developments picking up steam throughout Montgomery County include Signorelli Company’s 3,000-acre master-planned community, anticipated to introduce 7,000 homes to the region. Developer Oxland Group is also planning a master-planned community. Dubbed Two Step Farm, this “Texas-inspired” community is set to span 1,860 acres and blend the county’s ruralism into its buildout.