The Woodlands, a 28,000-acre master-planned community north of Houston, is being sold. The Howard Hughes Corporation has entered into an agreement to acquire from Morgan Stanley Real Estate Investing its 57.5% legal interest, which equates to a 47.5% economic interest based on the parties’ financial arrangement, in The Woodlands for $117.5 million. In 2010, The Woodlands sold 789 residential lots for $70.1 million and 57 acres of commercial land for $23.9 million. Remaining in inventory, The Woodlands has approximately 1,372 acres of unsold residential land, representing 4,532 lots, and about 936 acres of unsold commercial land.
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