Landsea sells lots to Lennar at West Valley master-planned community
Landsea Homes Corp. (Nasdaq: LSEA) has sold 102 lots to Lennar Corp. at its El Cidro master-planned community in Goodyear, according to Tempe-based real estate database Vizzda LLC.
Records show Miami-based Lennar (NYSE: LEN) paid $14.01 million in cash for the lots that are near the southeast corner of S. Citrus and W. Lower Buckeye roads.
Nate Nathan, Casey Christensen and Dave Mullard of Nathan & Associates Inc. represented both buyer and seller in this transaction.
“El Cidro is located in the perfect location,” said Nathan, president and designated broker for Nathan & Associates Inc. “It is sandwiched between the convergence of the 202, the 101 and the 303 onto the I-10. This gives residents of El Cidro the ability to live in the middle of all the new employment corridors that have changed the West Valley.”
Last month, Dallas-based Landsea launched sales for the first phase of El Cidro totaling a new series of 101 homes ranging between 1,776 and 3,045 square feet.
“Landsea Homes has 260 lots left to sell at El Cidro,” said Heather Cammiso, Arizona division president for Landsea Homes.
Of those, Landsea will release 160 in the second phase in late 2024.
Landsea is building 101 homes in the first phase of El Cidro, offering five different floorplans, including a LiveGen suite option that provides a private living space for extended family or a guest room.
“With the finished lot supply at an all-time low, this provided a great opportunity to sell a parcel and introduce a more diverse product segmentation with Lennar’s introduction into the community,” she said.
Lennar will begin construction during the first quarter of 2024 for homes ranging between 2,200 and 2,700 square feet, said Jeff Gunderson, senior vice president of land operations for Lennar.
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Lennar’s Signature Series collection will include its popular Next Gen multi-generational home that includes an attached unit, complete with its own entrance, featuring a bedroom, bathroom, living room, kitchen and garage.
Plans call for opening sales by Q2 2024 for homes priced in the mid $400,000s to low $500,000s range, Gunderson said.
“El Cidro allows us to add another unique product line to the market,” Gunderson said.
Lennar Homes plans to build its Signature Series homes at El Cidro.
El Cidro is nearly three miles away from Avion at Ballpark Village, where Lennar is just getting started with model construction, Gunderson said.
In January 2022, Lennar paid $20.2 million to Avion developer Communities Southwest for 75 acres.
Lennar is building 327 homes in the entire first phase of Avion.
“We’re excited for another opportunity in Goodyear,” Gunderson said.
El Cidro’s amenities include a park with play structures, ramadas, basketball court, sand volleyball and walking paths, Cammiso said.
In August, Landsea launched a new master-planned community called Citrus Park in Goodyear that eventually will include 616 court-style and traditional single-family home designs. Those homes will range from 1,796 to 3,427 square feet.
Model homes at Citrus Park are expected to be open for tours this month, with prices beginning at $359,990.
