Wokingham Borough Council bought Gray's Farm, south of Wokingham, which is next to land earmarked for 2,500 new homes.
The land purchase and creation of sports facilities on the 64-acre site will be funded by the developers of land south of the railway line.
Although the sale has been finalised, the farm will continue to be run by the previous owners until November 2017.
Planning and highways councillor John Kaiser said: "We have a long-term vision for development in place, an understanding of what facilities we will need and, most importantly, the confidence that developers will foot the bill.
"And the result of this is that we have been able to secure this land for the community in the future."
The council said it would now work with the local community to assess what sports facilities were needed.
South Wokingham is one of four locations surrounding the town earmarked for a total of 10,000 homes.
The others are in North Wokingham, at the South of M4 development and the site of the former Aborfield Garrison.
A fruit farm in Berkshire is to be turned into sports pitches after it was acquired by the local authority.