A real estate development company led by Ross Perot Jr. has purchased 3,827-acre Sienna Plantation South from an Arizona investor who’s held it for little more than a year.

Hillwood Development Company LLC announced the purchase, and said it plans to build about 7,000 homes on the site, along with about 300 acres of retail and commercial development. The company said in a statement it will set aside 100 acres for schools and churches, and preserve more than 1,000 acres for parks and “open spaces.”

Neither Hillwood nor Scottsdate, Ariz., real estate investor Marino Godi disclosed the sales price for the property, which is south of Sienna Plantation Country Club between the Brazos River and F.M. 521. Godi bought the property in the summer of 2006 from a group of private California investors.

Founded by company Chairman Ross Perot Jr. in 1988, Hillwood’s purchase of Sienna Plantation South marks its first entry into the Houston-area market. The land actually is part of Missouri City’s extraterritorial jurisdiction.

“The property’s heritage and its beauty with centuries old oak trees and proximity to the Brazos River offers us a tremendous opportunity to create trails, lakes and other amenities that will make it a great place to live,” said Brian Carlock, vice president of Hillwood Residential, who oversaw the purchase. “In addition the tremendous job growth in the Houston area, the population growth in Fort Bend County and the recent opening of the Fort Bend Toll Road, which allows easier access to the area’s major employment centers, make Sienna Plantation South a great location for a new community.”

The company said plans for the project, which is within Fort Bend Independent School District, include several school sites. Hillwood also plans to build two recreation areas, each with “multiple” swimming pools and a clubhouse.

Godi had planned on building homes starting at $300,000 when his company owned the property; Hillwood said homes will be priced from $160,000 to $1 million. Home builders have not yet been chosen.

The company said road and infrastructure construction will begin next year, and lot sales should start in mid 2009.

With offices in Plano, Dallas and Fort Worth, Hillwood is one of the largest residential and commercial developers in North Texas.