Howard Hughes Holdings Inc. has closed on the sale of 365 lots in Buckeye with the first homebuilders to build at Teravalis, its 37,000-acre master-planned community in the West Valley city.
KB Home paid $2.4 million for 106 platted and engineered lots; AGWIP Asset Management paid $2.3 million for 105 platted and engineered lots on behalf of Lennar Corp.; Brightland Homes paid $1.9 million for 87 platted and engineered lots; and Courtland Communities paid $7.4 million for 67 finished lots, according to Tempe-based real estate database Vizzda LLC.
All of the lots are within Floreo, the first village within Teravalis. All four transactions closed on March 26.
Teravalis represents the largest master-planned community to be developed by The Woodlands, Texas-based Howard Hughes, which is known for developing large, successful communities in Texas and Nevada. When completed, the Buckeye project will include 100,000 homes, 300,000 residents and 55 million square feet of commercial space.
