A 5.87-acre land parcel located at 25613 N. 115th Ave. has been sold for about $1 million to Nextstar Homes.

The parcel is in Maricopa County and zoned rural residential intentended for low-density, single-family homes.

The brokers say the site will be developed into acre-lot custom, single-family homes, and will likely be five homes based on the size of the property.

Kidder Mathews brokers Brian Rosella and Joseph Calistri represented Nexstar Homes in purchasing the site from FEF Properties.

The property is in a submarket with strong home values, making it a strategic acquisition for Nexstar, according to a news release. The location aligns with the company’s plans to expand operations in growing residential areas, the release said.

“This transaction reflects the ongoing interest from users seeking strategically located land in markets with high residential demand,” Rosella said.

Peoria’s continued growth and increasing home values have made it a key area for developers and homebuilders, and the sale highlights the strength of the market, as well as the appeal of opportunities in established residential submarkets, the release said.

Kidder Mathews is an independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada and Arizona.