KB Home Plans Another Inland Empire DevelopmentFriday, August 23, 2013
KB Home said that it has acquired 40 acres of land in Eastvale, east of Los Angeles, and plans to build 207 houses there starting next spring.
The Los Angeles homebuilder announced late Thursday that it had purchased the land from Irvine developer Stratham Communities, and has the option to acquire an additional 143 sites later.
KB Home is growing its presence in the Inland Empire, having earlier this month launched four new developments in Chino, Ontario, Temecula and Perris.
“Our strong relationships with local land sellers … give KB Home … opportunities to offer our homes in some of Riverside County’s most sought-after submarkets,” Chris Haines, president of KB Home’s Inland Empire division, said in a statement.
Shares on Friday closed down 76 cents, or 4 percent, to $16.44 on the New York Stock Exchange.