Meritage Homes Corp. has purchased 172 preliminary site planned lots within Hurley Ranch Phase 2 for $1.96 million, representing the Scottsdale-based homebuilder's first closing within that development.
The deal closed Aug. 31, said Howard Weinstein, founding principal of The Land Agency, which brokered the sale.
The master-planned community is near the northeast corner of 91st Avenue and Broadway Road in Phoenix. It is about half a mile north of the proposed SR30 Freeway and three miles south of Interstate 10.
Weinstein said this area is known as the Estrella Planning area within the city of Phoenix.
"The submarket is considered a mecca for entry-level priced new housing, in large part because the city of Phoenix has supported higher density zoning," Weinstein said.
Read more of this subscription-only story from the Business Journal.
