KB Home To Build 127 Luxury Homes In Prime Phoenix Location

On April 4, 2013 by Admin

KB Home To Build 127 Luxury Homes In Prime Phoenix Location

Los Angeles-based KB Home has entered a $6.4 million deal for a 16-acre lot in a prime Phoenix location, where it plans to build 127 luxury homes.

Local real estate broker Michael Lieb told the Phoenix Business Journal the builder scooped up about half of the parcel for $3 million in a deal that closed last week, as blocks of vacant land within the Valley’s core are getting increasingly harder to come by for home builders.

Lieb said KB Home will close on the other half of the property within a year for $3.4 million. The seller is Torino Holdings, an entity in which Lieb is a partner.

The site is located behind the Walgreens at the northwest corner of Tatum Boulevard and Greenway Road, about 2 miles north of Paradise Valley Mall.

“We think this is a rare opportunity for buyers to get a new home in this area,” said KB Home spokesman Craig LeMessurier.

He said construction will kick off this summer, with model homes slated to be ready by early fall. Because the homes will be built to order, there is no set completion date for the community, he said.

LeMessurier said the community, to be dubbed Alcantara Villas, will feature homes ranging from about 2,000 to 2,845 square feet. Pricing has not yet been determined.  - more at bizjournals.com


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