Pulte buys 88 Gilbert lots for $5.7M

PulteGroup Inc. announced Monday that it purchased 88 finished lots in Gilbert at the Lyon’s Gate master-planned community located near Higley and Ray roads. Pulte spokesperson Jacque Petroulakis said PulteGroup purchased the land from an undisclosed group of investors who had bought the land from Orleans Homes in December 2007. Pulte also did not want to disclose the price, but Phoenix Business Journal records show that Pulte paid almost $5.7 million for the lots. Pulte will build homes ranging in size from 2,400 to 3,500 square feet. No word on when those homes will be up for sale or what the pricing will be. This is the second major acquisition for Pulte in the Gilbert area. In October Pulte, along with Meritage Homes and Toll Brothers, collectively purchased 232 finished lots at Stratland Estates in Gilbert for $13.3 million. Pulte received 106 lots, according to trade publication Business Real Estate Weekly. In Pulte’s announcement about Lyon’s Gate, the company said its Stratland Estates homes will be open for sales in early May.

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