The real estate investment arm of the Church of Jesus Christ of Latter-day Saints has purchased nearly 3,000 acres of ranchland in the city of Kyle — a property that has been entangled in a lawsuit from an environmental group seeking to prevent the land from being developed
The Utah-based nonprofit Property Reserve Inc., which describes itself as managing the church’s financial reserves, purchased the property — the site of the historical Nance Ranch — on Jan. 6 from three Texas-based companies that had co-owned it, Hays County property records show. The purchase price was undisclosed.
Encompassing a total of 2,898 acres, the property sits along two miles of the western bank of the Blanco River, about four miles west of Interstate 35 and Kyle’s downtown. Much of it is accessible only by dirt roads…