An entity created by Minneapolis-based Oppidan Investment Co. last month closed on the purchase of 18.5 acres where it has developed 56 residential lots in West Des Moines’ Woodland Hills, an area formerly called Michael’s Landing. Oppidan’s KTJ 201 LLC paid about $1.3 million on Dec. 13 to Family Homes Construction II LLC, which was created by Bankers Trust Co. to acquire land from Regency development companies after loans went sour. Regency shuttered operations in April 2008. Oppidan has acquired land from five lenders as part of its build-out of Woodland Hills.