Meritage Homes of Arizona is planning a new subdivision on land it bought for nearly $5.5 million north of Sun City West and east of Corte Bella.
The property, a 24.22-acre parcel named Camino Crossing at the northeast corner of El Mirage Road and Williams Drive, will hold 123 lots.
The seller was Kimco El Mirage LLC. Commercial real estate broker Brian Rosella of Kidder Mathews represented Meritage in the sale.
"This deal shows the continued trend by homebuilders to fill their pipeline as homes are selling at an accelerated rate, given the huge immigration flux and low-interest-rate environment. Demand for housing is at a level not seen in 15 years," said Mr. Rosella.
Scottsdale-based Meritage is among several homebuilders buying land in the West Valley as the area continues to fill in parcels. In addition to being close to the two age-restricted communities, the property is close to the single-family Crossriver subdivision.