L
ennar has acquired over 122 acres of land east of Phoenix for its planned 851-home development in Superstition Vistas, a 1,400-acre master-planned community. The Miami-based developer paid $49 million to Canada-based Brookfield Residential for the land, which includes 121.9 acres of vacant land and 120 lots. This purchase adds to Lennar's existing parcels at Blossom Rock, where it bought 154 lots in June 2023.

    The acquisition will bring the total number of planned homes to 851 at Blossom Rock, with three sets of homes ranging from 1,200 to 2,500 square feet. The development will also feature a 16-acre park with a 1.5-acre fishing lake. Lennar's senior vice president of land operations, Jeff Gunderson, stated that the company hopes to be involved in future phases as well.

    The purchased lots are part of Phase II at Blossom Rock and the undeveloped land where Lennar will build its own infrastructure. In November 2020, Texas-based D.R. Horton paid $245.5 million for 2,738 acres, with Brookfield obtaining rights to half the property through a joint development agreement. Brookfield has since sold 120 lots to Lennar and plans to develop 1,400 acres.

    So far, 171 homes have been sold at Blossom Rock, with 80 closed sales, including 52 by Lennar. Three other homebuilders were selected in August 2023 to build 554 homes within the first phase. Lennar has also won an Arizona State Land Department auction for an 80-acre infill land parcel in Phoenix for $32.3 million earlier this year.