KB Home Increases Area Market Share with Purchase of Fieldstone Land Holdings
- Jul 10, 2011
Fieldstone Homes is selling its 623 finished lots and 1,297 future home sites to KB Home, thereby departing the San Antonio market. The properties span 11 communities and will double KB Home’s holdings in San Antonio, bringing its neighborhood count from 13 to 25.
The purchase is ideal for KB Home, which was targeting areas where the plots are located, such as the city of New Braunfels, as well as Cibolo, where the company sees an emerging market. Present in the San Antonio real estate market for 20 years, KB Home will start construction immediately on new model homes in eight communities: Cap Rock, Carmona Hills, Chestnut Springs, Gatewood, Loma Vista, Mustang Valley, Northeast Crossing and Southton Ranch.
KB Homes’ product currently accounts for 10 percent of the local home market share, but with the Fieldstone deal, it is on track to increase its share to 13 percent.
The purchase involves the land holdings but not any of Fieldstone’s business operations or customers, according to a KB Home press release. Fieldstone will remain responsible for customer service and warranty support for its existing homeowners.
Also trading hands last week was Northwest San Antonio apartment community The Preserve on Fredericksburg. USAA Real Co. sold the 376-unit Class A complex on 25 acres of land to an undisclosed buyer that was confirmed as an institutional investor.