The 78-acre site in Shrivenham has outline planning for 515 new homes and construction on the first phase of new homes is due to start at the end of 2018.
Around 180 of the homes will be made 'affordable' and built using L&G's modular factory in Leeds.
The acquisition marks the third major site brought forward by Legal & General's housebuilding arm.
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James Lidgate, Chief Executive Officer of L&G Homes, said: "As well as addressing the chronic shortfall of housing in the UK, Legal & General Homes is looking to regenerate the UK's landscape for the better and build vibrant communities where people want to live, such as this sought after location in Oxfordshire.
"To do this, we want to challenge public perceptions of new homes by delivering a product that surpasses buildings of the past in terms of quality, efficiency and comfort, while ensuring the homes are carefully integrated into the community, providing much enhanced public realm, facilities and infrastructure."
(LM)
