Two of the nation's largest homebuilders just plopped down a total of $54 million to buy the first nearly 600 lots at Saddleback, a new, 5,300-acre master-planned community being developed in north Peoria.
Miami-based Lennar Corp. and Scottsdale-based Taylor Morrison Home Corp. are the first two homebuilders to buy land at Saddleback, being developed by Austin-based Castle Hill Partners.
Lennar's landbanker AGWIP Asset Management paid $27.81 million to Castle Hill Partners for 289 lots, while Taylor Morrison paid $26.05 million for 293 lots, according to Tempe-based Vizzda LLC real estate database.
In addition, Scottsdale-based Camelot Homes is under contract for 19 larger, 80-foot wide lots, said Carlee Ryan, vice president of asset management for Castle Hill Partners.
