Homebuilder Announces Purchase of Three New Communities in Highly Sought-After “A Location” Infill Locations
PHOENIX – June 25, 2012 – (RealEstateRama) — Pulte Homes has purchased or is in escrow on 332 lots in three distinct East Valley locations and plans to begin opening the new home communities as soon as later this year. The most recent acquisition represents the third new-home community purchase the homebuilder has made in the past six months in the Phoenix metro area.
“Our acquisition strategy has been focused on securing new community assets in outstanding locations to drive incremental home closings and better returns,” said John Chadwick, president of PulteGroup’s Arizona Division. “These new community opportunities are in some of the best locations in the Valley.”
Pulte Homes, which is part of the PulteGroup family of brands that also includes Del Webb and Centex, currently has 34 distinct selling efforts in 17 actively selling communities in the Valley. The company tops new homebuilder closings with 12 percent of the Valley’s market share year to date.
In its most recent acquisition, Pulte Homes is currently in escrow to purchase 189 lots at Desert Place at Morrison Ranch in Mesa, with plans to close on the first phase in late 2012. Pulte also closed this month on 96 lots for an upscale community called the Waters at Ocotillo in an outstanding location in South Chandler. In April, Pulte closed on 47 lots in another coveted Chandler parcel, Hamilton Heights.
As the high tech oasis of the “Silicon Desert” and one of the fastest growing urban areas in the nation, Chadwick said the South Chandler communities are in strong demand and ideally located close to freeways, employment, shopping and entertainment.
Sales of existing homes in Southeast Valley submarkets have increased over the last two years, with the greatest increase (18 percent) in the South Chandler Submarket between 2010 and 2011, according to Phoenix MLS data. “The South Chandler area has a very limited amount of future residential lots and we expect to see strong demand for these very desirable in-fill locations,” Chadwick said.
New Community Acquisition Highlights:
The Waters at Ocotillo – Located near Dobson Road, just south of Queen Creek Road, this 96-unit community provides Pulte Homes an outstanding opportunity to showcase its move-up product in a unique community in the Ocotillo master plan. Pulte was selected from a group of interested buyers based on its reputation for quality and demonstrated experience in bringing move-up product to the marketplace, Chadwick said. Land development is currently underway and Pulte plans to host a model grand opening in late 2012.
Hamilton Heights – Located near Arizona Avenue and Queen Creek Road, land development is currently underway on this 47-unit community. Chadwick said Hamilton Heights will offer a unique niche by offering larger homes with ample backyards in a submarket that is seeing increasing demand and dwindling supply. Pulte plans to open new models for sale in early 2013.
Desert Place at Morrison Ranch – Located south of Guadalupe between Power and Sossaman roads, Pulte Homes will open this 189-unit community in the newest phase of the Morrison Ranch master plan. Chadwick said Pulte expects to close on the property in the fourth quarter of this year, begin land development shortly thereafter, and open new model homes in late 2013. This raw land purchase is in conjunction with separate purchases for more lots by two other builders, Lennar and Ashton Woods.
Details on home plans, sizes and price ranges on all these planned new Pulte Homes communities will be available closer to the grand openings.
“We’ve been watching the market closely and working to secure the best opportunities to expand our presence in the Southeast Valley,” Chadwick said, adding that the company is looking in other premium locations in Chandler, Gilbert, Mesa, Phoenix and north Peoria. “Our scale and knowledge of this market helps set us apart as a builder that can and will perform well.”
About Pulte Homes
Communities built by Pulte Homes are designed to deliver the best quality of life for home owners. By combining innovative Life-Tested® designs, an unwavering commitment to quality and attention to detail, Pulte Homes is the nation’s premier home brand for upwardly mobile home buyers. As the most awarded homebuilder in customer satisfaction, Pulte Homes has consistently ranked among top home builders in third-party customer satisfaction studies. Pulte Homes is a brand of PulteGroup, one of America’s largest home building companies, which also includes Centex and Del Webb communities. For more information about Pulte Homes, visit www.pulte.com.