Some 873 acres of land has been purchased for a new single-family residential development project in the city of Magnolia, according to a Sept. 17 press release from seller Land Advisors Organization.

Duane Heckmann, Land Advisors Organization Houston team member, said the property, located on FM 149 and Hwy. 249 in Magnolia ISD zoning, is an ideal location for residential development.

“The [Hwy.] 249 extension will greatly increase mobility to the property and will considerably shorten drive times for large numbers of homebuyers moving away from urban areas to more suburban communities,” Heckmann said in the press release.

Land purchaser Managing Partner of Magnolia JV will lead planning the development.