KB Home Makes Texas, North Carolina Land DealsWednesday, December 19, 2012
KB Home is continuing to expand its presence in Texas, announcing Wednesday that it recently acquired land that will yield more than 700 new home sites in two fast-growing communities northeast of San Antonio.
The Los Angeles homebuilder also announced a separate, smaller development southwest of Raleigh, N.C.
In Texas, KB Home said that it expects to launch its Legend Point development in New Braunfels, with home prices expected to start in the $140,000s. KB Home is under contract to purchase 80 finished and 420 undeveloped lots at the site, which is of a master development planned community known as Legend Pond.
The developer is also moving forward with land development for the Landmark Pointe community in Cibolo, with model home construction expected to begin by mid next year. Homes there are expected to start in the $150,000s.
This is the second Texas acquisition for KB Home this quarter. The company announced plans in September to build 1,019 homes on a former ranch in suburban Austin.
In North Carolina, KB Home said it acquired 65 lots in Fuquay-Varina and plans to open a new community there called Lakestone Village early next year. Prices are expected to start in the $180,000s.
Financial terms and sellers of the land were not disclosed. Chief Executive Jeffrey Mezger earlier this year said that the company expected to spend about $350 million on land and development in the second half
Shares closed down 34 cents, or 2 percent, to $16.66 on the New York Stock Exchange.