Bidwell West will be used for a low-density scheme of 109 houses, 33 of which will be affordable homes.
The development will feature a mix of two-storey, two-, three-, four- and five-bedroom detached and semi-detached properties.
It will also feature a community centre, a two-form entry primary school, sports pitches and large areas of green space.
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Katy Jordan, managing director at Storey Homes, said: “This acquisition forms an integral part of Storey Homes’ planned growth strategy.
“The sense of space we can offer at Bidwell West, along with the exciting new multi-family community, makes this development extremely appealing and allows us to continue to build on our strengths; creating quality homes, while maintaining a supportive family orientated culture.”