KB Home (NYSE: KBH) said Wednesday it will purchase 623 finished home sites and 1,297 future home sites from Fieldstone Homes in 11 San Antonio-area communities.
Fieldstone Homes, a private homebuilder based in Southern California, announced that it was leaving the San Antonio market earlier this year.
Terms were not disclosed.
"KB Home has been delivering quality, choice and value to San Antonio homebuyers for over 20 years," said Ken Langston, president of KB Home's Central Texas division. "This major land acquisition presents us with an exciting opportunity to offer our affordably priced, ENERGY STAR® qualified homes to even more San Antonio families."
KB said it will begin construction immediately on new model homes in eight communities with grand openings to be scheduled later this year. These communities include: Cap Rock, Carmona Hills, Chestnut Springs, Gatewood, Loma Vista, Mustang Valley, Northeast Crossing and Southton Ranch. The three additional communities in which KB Home acquired land that it will develop in the future include Amber Creek, Ida Creek and Falcon Landing.
Shares of KB, which reported disappointing earnings earlier in the day Wednesday, had lost nearly 16% to a little over $10 in extremely heaving trading late in the session Wednesday.