PEORIA, AZ — It just wasn't Lennar Corp.'s day.
The homebuilder fell short in back-to-back bidding wars at two state land auctions on Feb. 19 for prime acreage in the fast-growing city of Peoria.
The first property up for bid Wednesday was 72 acres surrounding Lake Pleasant Crossing, at the northeast corner of Lake Pleasant Parkway and Happy Valley Road.
After 56 bids between Lennar and K. Hovnanian (NYSE: HOV), the latter won the auction for $30.6 million, which was $5.6 million more than the starting bid.
About an hour after losing that first auction, homebuilder Lennar lost out on buying up another 200 acres in Peoria.
D.R. Horton showed up to the auction and outbid Lennar with a winning bid of $33.4 million, about $7.4 million higher than the starting figure.
