LGI Homes announced the purchase of 208 acres of land on San Antonio’s Far West Side, with plans to build approximately 800 new homes. Terms of the sale were not disclosed.
The deal is part of a larger master-planned development in the area, called Luckey Ranch, which spans more than 610 acres of land and will eventually include 2,400 homes.
This is the second acquisition for LGI within Luckey Ranch. In 2011, the Houston-based developer acquired a 93-acre residential land parcel within the development. That parcel was approved for 393 lots, of which more than 218 are already sold and occupied, according to a company news release.
The company has been actively developing within master-planned communities in the Texas region, capitalizing on strong demand for affordable single-family homes in the Alamo City, a trend fueled by new job growth. “San Antonio is the third-fastest-growing area by population in the U.S., homes are reasonably priced and job growth is expanding,” said Edward Kalikow, president & CEO of The Kalikow Group. The Kalikow Group acquired the Luckey Ranch site in 2007.
The new homes will range in size from 1,200 to 2,600 square feet, and in price from $129,900 to $172,900, according to the San Antonio Business Journal.
LGI Homes was named one of 2012′s “Best Companies to Work For” by Texas Monthly magazine.
Luckey Ranch existing LGI homes photo courtesy of PR Newswire.
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