Watkin Jones has bought the site from McKay Securities on a subject to planning basis.
The planned scheme is also expected to include new retail and leisure space. Target completion date is the end of 2024.
Watkin Jones chief executive Richard Simpson said: “The site exemplifies the group's target to secure opportunities in prime urban micro locations with great access to amenities and transport links. Woking is an established commuter town with a strong local economy and affluent demographic which is benefiting from considerable inward investment. The acquisition represents an important addition to the group's secured build to rent development pipeline.”