Land Advisors Organization’s Metro Phoenix Homebuilding team announced the closing of two land sales to KB Home in the much sought-after West Valley of Metro Phoenix on behalf of KB Home Phoenix, Inc. The two sales total $9.2 million for 109 acres, which is being developed into new homes.
Most recently, KB Home acquired nearly 80 acres of land located at the NWC of Apache Boulevard and Southern Avenue in Buckeye, Arizona, for $5.85 million from MPC Mystic, LLC. The site, known as Mystic Vista, is planned for approximately 293 lots in this first phase. KB Home plans to offer a mix of single and two-story homes ranging in size from 1,300 to 2,900 square feet. Land Advisors Organization’s homebuilding team of Ryan Semro, Ben Heglie and Bret Rinehart represented the seller in the transaction.
In addition, KB Home acquired nearly 30 acres on the SWC of Elwood Street and 83rd Avenue in Phoenix for $3.4 million. The site is planned to accommodate approximately 133 new single and two-story homes ranging from 1,400 to 2,600 square feet. The sale was facilitated by Land Advisors Organization’s homebuilding team of Greg Vogel, West Campbell, Rinehart and Semro who represented the seller, a family trust.
“We currently have five new communities in the West Valley and are thrilled to be expanding our footprint and offering our personalized, new homes in these thriving sub-markets,” said Kevin McAndrews, President of KB Home Phoenix division. “Buckeye continually ranks as one of the fastest growing cities the U.S. and we are proud to be a part of that growth.”
Construction of KB Home’s two new communities in West Phoenix is expected to begin mid-2021. The homebuilder’s current new home communities in the region include Oak Park and Marbella Park in Avondale, Encantada Estates and The Traditions at Verrado in Buckeye and The Traditions at Marbella Ranch in Glendale.
“We appreciate the opportunity to bring together sellers and buyers, like KB Home, especially when the West Valley is experiencing such exciting growth and the market is looking to be in need of new home lots for the foreseeable future,” Semro said. “As the area continues to grow, we are expecting a second phase of the same acreage, as in the Buckeye sale, to close in a little more than a year from now.”
Land Advisors Organization’s Metro Phoenix homebuilding team facilitates sales on behalf of landowners with virtually every major home builder in the market. The team specializes in home builder developments, multi-family communities and master-planned communities throughout Arizona.