Investor plans development with 2-3 acre single-family lots in Magnolia
A local investor has acquired a large plot of land in the Magnolia area for residential and commercial development as the Houston suburban land market heats up.
1623 Magnolia North LLC acquired 1,623 acres along FM 1486, about 4 miles north of Texas 249, in western Montgomery County, from Eugene Campbell Family Partnership, according to NewQuest Properties.
Joe Burke and Rob Whitaker, vice chairmen of NewQuest Properties’ Land Advisory Group, represented the buyer in the cash transaction, which closed in four months. The land is across the street from the 755 acre Bluejack National Golf Course and resort community, has 1 mile of frontage along FM 1486 and stretches east to Jackson Road.
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The plans call for development starting with 2 to 3 acre single family lots on the eastern portion of the land. Business development will follow closer to FM 1486, according to NewQuest.
Whitaker, a longtime resident of the area, has seen an increase in development in the Magnolia area spurred by the Texas 249 expansion and Covid as buyers seek homes with more space. The property is midway between Houston and College Station, which will be more accessible as new segments of the Aggie Expressway (Texas 249) are completed in the coming years.
“People want to get out of town, get out of high density areas and apartments and move into a more country or rural atmosphere,” Whitaker said.