Lennar has paid $49 million for more than 122 acres of land east of Phoenix, adding to its parcels for a planned 851 homes in a region facing large-scale development.
The Miami-based developer bought the land at Blossom Rock at Superstition Vistas, a 1,400-acre master-planned community in Apache Junction, about 36 miles east of Phoenix, the Phoenix Business Journal reported, citing Vizzda.
The seller was Canada-based Brookfield Residential, the developer behind the new neighborhood on the easternmost edge of the Phoenix-Mesa Metropolitan area, within sight of the Superstition Mountains.
Lennar paid Brookfield $37.34 million for 121.9 acres of vacant land and another $11.55 million for 120 lots. The total acreage encompassing the sale was not disclosed.
Brokers Nate Nathan, David Mullard and Casey Christensen of Nathan & Associates negotiated the deal.
The purchase adds to the 154 lots Lennar bought at Blossom Rock in June 2023, when it was the first homebuilder to close on land at the new master-planned community, according to the Business Journal.
The acquisitions will bring the total number of planned homes to 851 at Blossom Rock, Jeff Gunderson, senior vice president of land operations for Lennar, told the newspaper. Plans call for three sets of homes from 1,200 to 2,500 square feet in a development to include a 16-acre park with a 1.5-acre fishing lake.
“We would hope to be involved in future phases as well,” Gunderson said. “We’re taking it as it comes to the market.”
Some 120 of the newly bought lots are within Phase II at Blossom Rock, while the 121.9 acres are within Blossom Rock 8, undeveloped land where Lennar will build its own infrastructure, Gunderson said.
In November 2020, Texas-based D.R. Horton was the winning bidder in an Arizona State Land Department auction, paying $245.5 million for 2,738 acres.
Brookfield entered into a purchase agreement with D.R. Horton in a joint development agreement, where Brookfield obtained the rights to half the property. Each is developing 1,400 acres, with D.R. Horton planning to build 5,000 homes at Radiance at Superstition Vistas.
Brookfield, based in Calgary, Alberta, bought 691 partially finished lots from D.R. Horton last month for $10.41 million, then sold 120 of the lots to Lennar.
D.R. Horton holds the participation contract with the state land department. The firm sells land to Brookfield, which in turn sells it to builders.
So far, 171 homes have sold at Blossom Rock and 80 have closed, according to Eric Tune, senior vice president of development for Brookfield Residential. Of those, Lennar has sold 82 homes and closed on 52 homes, Gunderson said.
In addition to Lennar and Brookfield Residential, three other homebuilders were selected in August 2023 to build 554 homes within the first phase. They include Houston-based David Weekley Homes, Atlanta-based PulteGroup and Nevada-based Tri Pointe Homes.
Early last year, Lennar won an Arizona State Land Department auction, securing an 80-acre infill land parcel in Phoenix for $32.3 million.
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