Production builder LGI Homes has purchased its third land parcel in the master-planned, 610-acre Luckey Ranch project in San Antonio, Texas.
The Woodlands,Texas-based company purchased the 239-acre tract from The Kalikow Group. The total Luckey Ranch site consists of 539 acres zoned for residential development parcels (up to 2,400 homes) as well as 71 acres zoned for commercial use currently being marketed for sale and/or development. In the last three years, LGIH has acquired all of the available residential development acreage. The property is located an 18-minute drive to downtown San Antonio, in the growing “Donut Hole” area of the city.
In 2011, LGI Homes acquired a 93-acre residential land parcel within the Luckey Ranch master development. In 2013, LGIH acquired a second, 208-acre site.
The Kalikow Group, which acquired the site in 2007, is capitalizing on San Antonio’s emerging housing market fueled by new job growth and strong demand for affordable, single-family homes, according to a release. The company has a long track record of successful land banking and development of master planned communities in the Texas region.
“San Antonio is one of the fastest growing areas by population in the U.S., homes are reasonably priced and job growth is expanding,” said Edward Kalikow, President and CEO of The Kalikow Group. “We continue to execute our successful business model in this sound market, and look for additional opportunities for investment in San Antonio and throughout the Southwest.”
Housing starts in San Antonio are up 13.7 percent in 2014 over 2013, with median home pricing up nearly 10 percent based on third quarter 2014 industry data. San Antonio also enjoys one of the country’s strongest job markets, with an unemployment rate of just 4.5 percent, well below the national average, thanks largely to Fort Sam Houston’s military medicine expansion, Toyota’s expanded Tacoma production facility, Sea World and new government projects -- such as the San Antonio River Walk -- aimed at stimulating employment and new business creation.