The J. Beard Real Estate Company has announced the sale of approximately 165 acres of land in Magnolia that will be used for a future residential development.

The Dry Creek Parcels—which are located east of FM 2978 between Woodlands Parkway and FM 2920 and off Dry Creek Drive south of May Valley—are a compilation of seven parcels of land, many of which were owned by the Leslie and Doughtie families since the 1840s, according to The J. Beard Real Estate Company.

The purchaser was not disclosed by the J. Beard Real Estate Company.

"This most recent transaction illustrates the continuing growth of north Houston and south Montgomery County and the increased demand for residential housing," said Diana Gaines, a real estate agent with J. Beard who represented the sale of four of the total seven parcels of land. "Although it was emotional for the families to sell the property, they recognize the need for progress as development of the submarket areas of The Woodlands continues to expand."

Gaines also represented the sale of the nearby 501-acre Doughtie Parcel in the summer of 2013, which will be used for part of Toll Brothers' 600-acre luxury master-planned community.

For more information on The J. Beard Real Estate Company or to learn more about the recent sale, call 281-367-2220 or visit www.jbeardcompany.com.