AUSTIN (Austin Business Journal) – Partners in Building LP has acquired 121 acres near Lakeway that will be developed into a new residential project.

The gated community, dubbed the Canyons on Lake Travis, is expected to contain 57 homes, each on about one acre. The acreage was purchased at auction in November through Norwood Homes Inc.

Homes will be built to suit starting in the high $400,000s. Efforts are currently underway on landscaping, front gate features and common areas.

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