KB Home on Thursday said it is buying 664 Inland Empire home sites at which it plans to build its new, more affordably priced line of homes.
The Los Angeles home builder said it is buying the lots from Upland-based developer Lewis Operating Corp., part of the Lewis Group of Companies. The land purchase includes 174 home sites at the Shady Trails master plan in North Fontana and 490 sites that will be part of a new master plan called The Enclave, adjacent to KB Home’s Alpine at Willow Ranch community in Eastvale near Corona.
KB Home plans to introduce eight new communities at the master plans, with openings planned for later this year, it said. The developments will feature home designs from the company’s recently unveiled Open Series line. In response to the current challenges in the new-home market, the designs are designed to be energy efficient yet priced to compete with resale and foreclosure homes.
“Our relationship with the Lewis Group spans more than 20 years and we are pleased to be working with them once again on this significant land purchase for KB Home,” said Steve Ruffner, president of KB Home’s Southern California division. “This is an exciting opportunity for both organizations.”
The homebuilder did not disclose financial terms of the deal.
KB Home shares closed down 15 cents, or 1 percent, to $12.86 in midday trading on the New York Stock Exchange.