Shea Homes has purchased approximately 71.09 acres of land in Peoria, Az. from JEN Arizona 22 for $11.6 million.
Shea plans to build 135 single family homes in the newest Shea Homes community, currently named Trailside South, according to a release from Shea. While home design plans have not yet been finalized, the homes will range in size from around 2,800 to 4,800 square feet. The development is expected to be a pedestrian-friendly community featuring multi-use trails and open spaces.
“This area, which has experienced significant growth in recent years, offers easy access to schools, shopping and restaurants, said Ken Peterson, vice president of sales and marketing for Shea Homes. “Trailside South is an ideal location for those who enjoy hiking, boating and other outdoor recreation opportunities at Peoria Sunrise Mountain Preserve and Lake Pleasant.”
Shea Homes has been a major player in the metro area since 1989 and has built more than 25,000 homes across the Valley in its 27 years. In 2015, it held about 5% of the area’s home builder market share, according to Metrostudy. In April, the company started construction on model homes at its newest Phoenix community – 24 North – which, when finished, will feature 111 two-story, single-family detached homes.