William Lyon Homes (NYSE: WLH) is preparing to close on 163 acres in Arizona, to build what local reports peg as a $40 million master-planned community.
The Newport Beach-based homebuilder plans to build 662 homes at the Avondale community about 10 miles west of Phoenix.
It will include four product lines ranging from 1,200 to 2,500 square feet, according to local reports.
The land is being sold by an affiliate of New York-based Angelo, Gordon & Co.
Troy Wahlberg, vice president of acquisitions and development, told local outlets that the deal is expected to close by the end of the year, or early next.
The new development will follow the opening of William Lyon’s Rancho Mercado master-planned community near downtown Phoenix, one of several developments it has near the city.
The first phase of the 562-acre community is slated to open next month.
Arizona was one of William Lyon’s best-performing markets last quarter, with monthly absorption rates “well in excess of the company average,” Chief Executive Matt Zaist said last month.
