Red Hill Ventures has sold most of the land for its long-delayed residential development near Houston, bringing the project a step closer to delivery.
The Charlotte, North Carolina-based REIT sold 60 acres in Magnolia, a suburb northwest of Houston, to Smith Douglas Homes, according to a news release from SVN J. Beard Real Estate. SVN’s Diana Gaines represented Red Hill Ventures in the deal.
The 60-acre tract will become Pinemoor, a single-family development with 216 residential lots and a central park with a playground and walking trails.
Smith Douglas Homes plans to complete the first phase of lots next summer, and sales will commence in the fourth quarter of 2026.
The sale is a significant advancement for the hindered project.
Red Hill Ventures’ subsidiary company, Magnolia Paragon LLC, has owned 95 acres north of FM 1488 and Mill Creek since 2022. In 2023, the company announced Magnolia Crossing, a subdivision with about 300 luxury apartments and over 200 single-family homes.
Red Hill Ventures agreed in 2023 to let the City of Magnolia annex the land to generate additional property and sales tax revenue. The city council finally approved a petition to annex the land for residential and commercial development in June of this year, according to Community Impact.
The delay was due to a moratorium on new development to relieve strain on the city’s water infrastructure. Magnolia’s population has grown by 147 percent since 2020, according to the city.
After the sale to Smith Douglas Homes, the 35 acres still owned by Red Hill Ventures will eventually include mixed-use and multifamily developments “designed to complement the new residential community,” according to SVN.
The original plan proposed either a grocery story or fitness center as the anchor of the development, according to the Houston Chronicle.
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