Landsea Homes Strengthens Arizona Position

Landsea Home has acquired Pinnacle West Homes, significantly expanding its homebuilding portfolio in Arizona. The acquisition includes 15 communities in four Arizona regions and more than 1,150 total lots. A local Arizona developer, Pinnacle West is known for building value-based single-family homes.

“Pinnacle West Homes is a well-respected homebuilder with a mission, vision and values that are very similar to ours at Landsea Homes,” Peter Beucke, Arizona division president of Landsea Homes,” tells GlobeSt.com. “As an international homebuilding company that thinks globally, but operates locally, their experienced and dedicated team, deep local relationships and well-established building operations are a great addition as we continue to expand our footprint in Arizona. We are excited about the opportunity to not only expand our communities but to also inherit a group of quality employees who are ingrained in the marketplace.”

Landsea Homes has been focused on growing its Arizona marketshare for the last year. The developer is bullish on the state and target markets, like Phoenix, which have seen strong population and job growth. “Arizona remains an unbeatable location to live, and Phoenix is ranked as one of the top cities in America to raise a family or enjoy the fruits of retirement due to its outstanding quality of life, growing economy, relative affordability, low healthcare costs, below-average taxes, abundance of new jobs and premier school districts,” Beucke says. “As a local Phoenix resident, I understand better than most how important these elements are to local homebuyers.”

In fall 2018, the developer started construction on its first Arizona development in Chandler. The project is expected to deliver later this year. In only a year, it has managed to substantially grow its portfolio. “Over the last year, Landsea Homes has been strategically focused on the Arizona market, adding attractive modern and master-planned communities that include Sonora Crossing, Harvest Queen Creek and most recently, Town and Country and Madison Square,” says Beucke. “With this announcement, we are able to provide additional new home opportunities in an increased number of attractive Phoenix area communities.”

For the remainder of the year, Beucke says the firm will continue to target investment and acquisition opportunities. However, the firm doesn’t have any specific announcements or deals in the works to announce.