Press Releases
Marcus & Millichap Arranges Sale of 397-Acre Legacy Ranch Property in New Waverly, Texas
May 29, 2026
NEW WAVERLY, Texas, May 28, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 397-acre land site in New Waverly, Texas.
“This area north of Montgomery County continues to see strong interest from buyers seeking large-lot residential opportunities within commuting distance of The Woodlands, Conroe and North Houston,” said David Romano, associate investments. “The Interstate 45 corridor provides significant potential for future residential and commercial growth.”
Romano and Will Florence, investment specialists in Marcus & Millichap’s Houston office, exclusively marketed the property on behalf of the seller, Laurel Fleming Richie, and procured the buyer, Stoecker/Wilgers Investments, a single-family developer.
“Walker County is a great place to live and raise a family, but development regulations can make projects difficult to structure,” said the buyer. “With the help of David Romano and the sellers, we were able to create a plan that preserves the rural character of the property while making the development viable. I plan to keep and build on the back 50 acres myself.”
The property has remained in the Murdock/Fleming family for nearly 80 years. Located along Jones Road, which becomes FM 1375, the site is approximately four miles west of Interstate 45 and near several existing and planned residential developments. The buyer plans to develop the property into a large-lot single-family community called Waverly Hills Ranch with lot sizes ranging from 2.5 acres to 48 acres. To honor the property’s family legacy, the buyer also plans to construct memorials recognizing Dr. Lloyd H. Murdock and Col. J. Lynn Fleming within the neighborhood’s recreational space.
“This area north of Montgomery County continues to see strong interest from buyers seeking large-lot residential opportunities within commuting distance of The Woodlands, Conroe and North Houston,” said David Romano, associate investments. “The Interstate 45 corridor provides significant potential for future residential and commercial growth.”
Romano and Will Florence, investment specialists in Marcus & Millichap’s Houston office, exclusively marketed the property on behalf of the seller, Laurel Fleming Richie, and procured the buyer, Stoecker/Wilgers Investments, a single-family developer.
“Walker County is a great place to live and raise a family, but development regulations can make projects difficult to structure,” said the buyer. “With the help of David Romano and the sellers, we were able to create a plan that preserves the rural character of the property while making the development viable. I plan to keep and build on the back 50 acres myself.”
The property has remained in the Murdock/Fleming family for nearly 80 years. Located along Jones Road, which becomes FM 1375, the site is approximately four miles west of Interstate 45 and near several existing and planned residential developments. The buyer plans to develop the property into a large-lot single-family community called Waverly Hills Ranch with lot sizes ranging from 2.5 acres to 48 acres. To honor the property’s family legacy, the buyer also plans to construct memorials recognizing Dr. Lloyd H. Murdock and Col. J. Lynn Fleming within the neighborhood’s recreational space.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
