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Lennar buys 22 acres in north Peoria at land auction

A Valley homebuilder has won a prime piece of real estate in north Peoria.

Lennar Arizona had the winning bid of $8.7 million at an April 10 Arizona State Land Department auction. The builder won the 22-acre parcel, located at Deer Valley Road and Lake Pleasant Parkway, after 21 bids, with an opening bid of $6.15 million.

The applicant was Phoenix-based Pederson Group, Inc., who developed The Trailhead at 83rd Avenue and Happy Valley Road.

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