Cushman & Wakefield announced Monday Homes by Towne purchased ±10 acres at 40th Street and Lone Mountain Road in Phoenix for $1.99 million. The homebuilder plans to develop 20 lots with an average size of 80-feet by 130-feet.

Cushman & Wakefield Vice Presidents Brian Rosella and Will French represented the seller, 45 Lamar LLC of Phoenix.

“Homes by Towne has had a lot of success in North Phoenix with their projects at Desert Ridge and Dove Valley Ranch. We’ve been seeing a lot of homebuilder activity north of Loop 101 and the lack of developable land has caused prices to climb over the past 24 months.” Rosella said. “Future residents can take advantage of the 300 plus days of sunshine and enjoy an abundance of outdoor recreational activities, as well as over 14 million square feet of retail inventory in North Phoenix, providing a multitude of restaurants, hotels and entertainment venues for all ages.”

For more than 65 years, Homes by Towne has specialized in building condominiums and single-family homes in livable, well-thought out communities in Arizona, California, Florida, Hawaii, Texas and Wisconsin. For more information visit