Beeson Properties, a prominent real estate investor in Houston, is buying up dozens of acres of land across the Katy Area with the likely intention of developing it into single-family homes.

John Beeson of Beeson Properties has purchased 73.2 acres of agricultural land (which was used for cattle and horse grazing before the purchase). The land was originally listed at $28,500 an acre for a grand total of $2.1 million, but Mark Kidd Sr., of M Kidd Properties, reported for it was sold to Beeson for less than that.

The property Beeson purchased is directly across from another stretch of land, 621 acres of former rice farmland, that Beeson bought the previous year.

Located six miles north of Interstate 10 and four miles west of the Grand Parkway, both properties are part of the new wave of development happening across the Grand Parkway extension.

“The Grand Parkway is the trigger that made this all happen,” Kidd Sr. said. “Any time there’s a new freeway going in, there are speculators and price appreciation. That started to escalate when the Grand Parkway opened in December 2013 and it’s cranked up ever since.”

Some think that Beeson is planning on using the land to develop single-family homes. In 2014, Beeson told the Houston Chronicle that he planned on holding the land for a year and then selling it to a developer to build single-family homes. However, Beeson has not made any comments about his use for the new property by press time.