June 24, 2019 – Landsea Homes, a leading homebuilder of vibrant master-planned communities in prime locations, announced it has acquired Pinnacle West Homes, a Phoenix-Mesa-based developer providing unique, value-based single-family homes in 15 Phoenix-area communities.
As part of the acquisition, Landsea Homes acquired 15 communities in four areas, and more than 1,150 total lots.
“We are very pleased to have Pinnacle West Homes join the Landsea Homes family,” said John Ho, chief executive officer, Landsea Homes. “Their experienced and dedicated team and well-established building operations are a great addition as Pete Beucke continues to enhance our homebuilding team and provide best-in-class homes to the dynamic and growing Phoenix area.”
Last year, Landsea Homes purchased land in Chandler for its first community in Arizona. The new community, Sonora Crossing, includes 78 single-family homesites with resort-style amenities and expansive open space. Land development started in Fall 2018 and the first closings are expected in late 2019.
The company further expanded with the acquisition of 90 single-family homesites at Harvest Queen Creek, the homebuilder’s second community in greater Phoenix. Model home construction and pre-sales will start in early 2020, and the first closings are anticipated later that year.
“This is a very exciting time for Landsea Homes in Arizona,” said Pete Beucke, president, Landsea Homes, Arizona division. “Job growth and a strong economy, in-migration and growing demand from millennials combined with a limited supply of inventory have created a great opportunity for us to showcase our best-in-class modern homes, pioneering commitment to sustainability and inspired spaces and features that connect seamlessly with the area for the Phoenix homebuyer.”
Phoenix is the fastest-growing city in the country, according to newly released estimates from the U.S. Census Bureau. Arizona was the fourth fastest-growing among all U.S. states and Maricopa County – which is home to metropolitan Phoenix – was the fastest-growing county. Growth like that is expected to continue for the foreseeable future because of the strong job market and the state’s booming economy. According to projections from the Office of Economic Opportunity, the number of jobs in Arizona is expected to increase steadily during the next two years from the likes of big tech firms and other industries such as manufacturing.
Arizona continues to prove itself as a prime location to live, raise a family and retire with its quality of life, growing economy, relative affordability, low healthcare costs, below-average taxes, abundance of new jobs and premier school districts.
With Landsea Homes’ experience gained at both Sonora and Harvest, the homebuilder is committed to designing and building vibrant, new master-planned communities that meet all the needs of local homebuyers.
“Aligning Pinnacle West Homes with Landsea Homes brings together the expertise of two great homebuilding companies to further drive innovation and deliver best-in-class homes,” said Todd Tucker, president, Pinnacle West Homes. “Landsea Homes is a well-respected homebuilder that shares a common goal of building a more sustainable future and we’re looking forward to accelerating progress toward achieving this mission.”
Pinnacle West Homes provides unique, value-based single-family homes and currently builds in 15 Phoenix-area communities, all of which will transition to Landsea Homes in June. The company boasts deep roots in the Valley of the Sun, gathering a team with over 85 years of combined homebuilding experience.