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$5M Paid by Lennar for 200 Valley Homesites

By Kristena Hansen for Phoenix Business Journal

Original Headline: Lennar pays $5M for 200 homesites in Queen Creek, El Mirage

Lennar Corp. closed three land deals last week totaling about $5M to acquire nearly 200 homesites in master-planned communities in the town of Queen Creek: San Tan Heights and Skyline Ranch and in the Discovery at Montecito community, which recently opened in El Mirage.

“The new acquisitions will allow us to keep pace as some of our existing communities will be selling out in the near future,” said Alan Jones, Arizona division president for Lennar, in the statement. “Lennar wants to provide value opportunities at entry level pricing.”

At San Tan Heights, located south of where Ellsworth Road bends east and becomes Hunt Highway, Lennar paid $2.6M, ($26K/lot), for 99 homesites that will eventually make up the Discovery at San Tan neighborhood.

In the Skyline Ranch community, located near Hunt Highway just north of San Tan Heights, Lennar handed over $352K total ($29K/lot), for 12 homesites that will be called Discovery at Skyline.

Both Queen Creek communities will open in September and home prices starting at around $130K, company representatives said.

As for the El Mirage acquisition, which is near Greenway Road and Grand Avenue, Lennar acquired 83 homesites for about $2.1M ($25K/lot) total. Company officials said homes within the Discovery at Montecito, start around $120,000 and many of which will be geared for housing two or more adult generations.

Read more at Phoenix Business Journal