Montgomery County: 2,000 acres sold for $95M

MONTGOMERY COUNTY – Howard Hughes Corp. completed the acquisition of two parcels of land north of Houston where it is planning a new master-planned community.

The company paid $67.2 million for the first 1,343-acre tract and $27.8 million for an additional 653 acres.

The nearly 2,000-acre parcel is planned to have about 4,600 new homes. The property is about 40 miles from downtown, west of I-45 in the Willis area. Commercial development is slated for 161 acres.

The first lots are expected to be finished and sold in 2016. The Woodlands Development Co., a Howard Hughes company, will manage and operate the new community.