Going Fast! MAGNOLIA LAKE is closing out. Visit our division office at 8101 University Parkway Magnolia Lake, a picturesque residential community perfect for families, health enthusiasts, and active adults. Magnolia Lake is a quiet, scenic community boasting three small lakes, a dock and gazebo, and a common area for family outings or picnics. There are also nearby amenities that make Magnolia Lake a standout choice for families, health enthusiasts, and active adults. Among these amenities is a beautiful city park with playgrounds, sand volleyball court, picnic tables, and a water recreation area for children. Also within walking distance are Maude Saunders Elementary and Walton High School.