Irvine-based Standard Pacific Homes is pulling out of the Southern Arizona homebuilding market, according to local reports.
Miramonte Homes, a newly created company led by two area real estate executives, is buying Standard Pacific’s assets in the Tucson region, after the company opted to exit the market, according to a report in the Arizona Daily Star.
Craig Campbell, the former president of Standard Pacific’s Southern Arizona division, will act as the Miramonte’s new president.
The assets being sold are said to include about 70 homes currently under way, and 700 vacant lots.
Standard Pacific entered the Southern Arizona market in 2004 when it bought Tucson-based Kemmerly Homes. The division being sold doesn’t include Standard Pacific’s Phoenix operations.
