LGI Homes, one of the fastest-growing home builders in the U.S., has acquired 208 acres within the Luckey Ranch master-planned community in San Antonio, where LGI intends to build more than 800 homes. The builder, which is based in The Woodlands, Texas, bought the land from The Kalikow Group, a real estate development and management company, which acquired Luckey Ranch in 1997.
"San Antonio is the third-fastest-growing area by population in the U.S.,” said Edward Kalikow, The Kalikow Group’s president and CEO, in a prepared statement.
The terms of the sale to LGI were not disclosed.
This deal represents Houston-based LGI’s second dip into the 610-acre Luckey Ranch. Two years ago, it acquired 93 acres that had been approved for 393 residential lots. LGI has sold more than 218 of those homes, which feature three- to five-bedrooms and range from 1,200 to 2,600 square feet. LGI has priced the homes at between $129,900 and $172,900.
LGI, which celebrates its 10th anniversary this year, builds affordable houses that are marketed to renters as being less expensive than leasing. The company, which builds in Texas, Florida, and Arizona, recently disclosed its intention to expand into the Atlanta market.
John Caulfield is senior editor for Builder magazine.
Learn more about markets featured in this article: San Antonio, TX.