A group of Southern California investors that includes a U.S. congressman bought more than 50 acres of undeveloped land in Bend late last month, and plans to build homes on the site.

U.S. Rep. Gary Miller, R-Calif., along with investment partners David Langmans and Harry Crowell, paid $5 million for three parcels of land just south of Reed Market Road and the Central Oregon Irrigation District canal, between Southeast Fifth Street and Centennial Boulevard.

The group has made a big splash in Central Oregon’s real estate scene since the 2008 housing market crash, buying eight subdivisions in Bend and several in Redmond after a wave of foreclosures caused the values of each neighborhood to plummet.

But the Reed Market Road-area purchase is one of its biggest. The group finalized the purchase July 31, a deed filed with Deschutes County shows.

A combination of single-family homes and some multifamily development like apartment buildings or townhomes is likely for the property, said Darrin Kelleher, a broker with Coldwell Banker Morris Real Estate who represents Miller’s group. Businesses on the site aren’t out of the question, though the land is currently zoned for residential use.

“We’ve spent some time with the city and will continue to discuss our plans,” Kelleher said, adding that the group could release a master plan outlining its proposal in the coming weeks. “It has the makings of a wonderful neighborhood and a great addition to that side of town.”

The property is made up of three parcels of adjoining land, totaling 50.3 acres.

It was one of the largest pieces of development-ready land within Bend’s urban growth boundary, said Peter Lowes, principal broker with The Lowes Group, which marketed the property. The land was listed at $6.5 million when it came onto the market in October.

Deschutes County residents Charles and Linda Anderson had owned the land since the mid-1980s, county property records show. They sold it to a pair of Eugene developers in January 2012 for $2.2 million.