PHOENIX — Lennar Corp. (NYSE: LEN) beat out three other bidders in a fight for prime infill land in an Arizona State Land Department auction on Jan. 3.
The 79.85-acre parcel just east of Six Flags Hurricane Harbor Phoenix water park started at a minimum bid of $15.7 million and slowly ratcheted up in $100,000 increments over a 45-minute period.
Along the way, Phoenix-based Evergreen Development Co. and Arlington, Texas-based D.R. Horton Inc. dropped out of the race.
The last two bidders fighting neck and neck were Miami-based Lennar and Alpharetta, Georgia-based Ashton Woods, which stopped bidding at $32.2 million, according to Jeff Gunderson, senior vice president of land operations for Lennar.
