KB Home Buys Lots in IrvineTuesday, June 26, 2012
KB Home announced Tuesday that it purchased 174 finished home sites from the Irvine Co. in Orange County. Price and other terms of the deal were not disclosed.
The home lots are located in the Village of Portola Springs within the city of Irvine.
The company will build two developments on its new lots. Sage development will offer homes with less than 2,000 square feet, while Garden Hill homes will range from 2,681 to 3,425 square feet. The company expects to start preselling homes next month.
KB Home already has the Primrose and Ironwood developments in Portola Springs.
“This is our largest investment in Irvine to date,” Steve Ruffner, president of KB Home’s Southern California division, said in a statement. “KB Home is excited to have the opportunity to sell more new homes in Portola Springs and greatly values the longstanding relationship we have established with the Irvine Co.”
Shares of KB Home closed Tuesday at $8.36, a gain of 22 cents or 3 percent for the day on the Nasdaq.