MAGNOLIA – Johnson Development and IHP Capital Partners have purchased the initial phase of what will become a 1,400-acre new-home community.
The tract is near the intersection of SH 249 and FM 1486.
The community will accommodate up to 3,700 units in a mix of single-family homes and townhomes. Builders will receive lots in late 2024.
The Nelson Company brokered the land sale.
The project is the joint venture’s second development together.