KB Home bought 39.9 acres of land in Gilbert for $12,999,000, according to the commercial real estate tracking website Vizzda. The price breaks down to nearly $326,000 per acre.
The land is located at the southwest corner of Higley Road and Riggs Road in Gilbert.
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The seller was Vestar.
The land is expected to be used for the proposed Cordillera Vista Estates. KB Home wants to use the land for a 118-lot single-family residential subdivision.
