Westwood homebuilder KB Home has purchased 100 acres near Houston to develop a new community.
Development will begin this year and construction is expected to begin next year, the company announced Tuesday. The 300-home community, called Lakewood Pines, will be partially gated and provide access to a nearby lake and hiking trails.
The purchase underscores the demand for new housing as pricing on existing units increases.
Last week, KB Home reported its second quarter net loss narrowed to $3 million (4 cents a share) from $24 million (31 cents a share) in the same quarter a year earlier.
KB said the 100-acre site was its 20th purchase in the Houston area over the past year, for a total of approximately 1,000 acres. The company also plans to develop an additional 250 acres and up to 700 homes next to the Lakewood Pines community.
KB Home shares were up less than one-fifth of a percent to $18.71 in Wednesday trading on the New York Stock Exchange.