Two giant homebuilders close on $63M state land buy in Peoria

Tri Pointe Homes and PulteGroup have closed on the final parcel of land at the 1,200-acre Aloravita master-planned community in Peoria.

Back in October 2024, the two giant builders were the winning bidders for a 274-acre parcel near 83rd Avenue and Happy Valley Road, securing the parcel for $63 million.

As the winners back then, the builders received a certificate of purchase and only had to pay interest on the land until closing the deal nearly two years later on June 5.

Behind the scenes, the homebuilder joint venture has been obtaining necessary entitlements from the city of Peoria to develop the property.

If the builders had defaulted on any of the terms and conditions outlined in the certificate of purchase, the property would have reverted back to the state and would have gone back to auction.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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