KB Home on Wednesday said that it has acquired 43 finished lots from Newhall Land in Valencia and plans to build solar-powered homes on the properties as part of its recently announce solar initiative.
The Los Angeles homebuilder said it plans to break ground on the homes in the West Hills Village development in June. Terms of the land sale were not disclosed.
KB Home recently announced plans to open 10 communities across Southern California in which all of the homes will be built with photovoltaic solar systems. The West Hills development will include solar power systems and other energy-efficient features and will enable owners to customize their homes before construction.
“KB Home has a strong relationship with Newhall Land and we are pleased to be working with them again in Valencia, one of the most-desirable submarkets in the greater Los Angeles area,” Steve Ruffner, president of KB Home’s Southern California division, said in a statement. “We also look forward to introducing area buyers to our ‘Built to Order’ approach.”
Shares were down 23 cents, or 2 percent, to $11.20 in midday trading on the New York Stock Exchange.