KB Home (NYSE: KBH) on Wednesday announced it has acquired 43 finished lots in West Hills Village in Valencia, California from Newhall Land.
KB said it will begin construction on a new community at the site in late June that will include solar power systems as a standard feature. The company recently announced plans to open 10 communities across Southern California in which all of the homes will be built with photovoltaic solar systems.
"KB Home has a strong relationship with Newhall Land and we are pleased to be working with them again in Valencia, one of the most-desirable submarkets in the greater Los Angeles area," said Steve Ruffner, president of KB Home's Southern California division. "We look forward to introducing area buyers to our Built to Order approach, and to offering some of the most energy-efficient homes on the market today, with solar power systems included in every home as a standard feature at this and many more of our new home communities throughout Southern California."
"KB Home will be a great partner for us as we continue developing West Hills, a beautiful village in Valencia," said Marlee Lauffer, vice president of marketing and communications for Newhall Land. "We appreciate the value and quality KB Home delivers to its homebuyers, and we hope this is one of many opportunities we have to work together in the future."
The new community will offer home shoppers three new energy-efficient floor plans ranging from 2,941 to 3,646 square feet with up to six bedrooms, four baths, and three-car tandem garages. Each home, to be Built to Order, will offer options including various elevation styles as well as structural changes such as converting multipurpose spaces to additional bedrooms or adding a covered patio.
All new KB Home communities feature ENERGY STAR® qualified homes, along with the exclusive new KB Home Energy Performance Guide (EPG). Similar to the miles per gallon rating or MPG, which reflects fuel efficiency and is standard when purchasing a new car, the KB Home EPG informs prospective buyers about the relative energy efficiency of a KB home versus a typical new or resale home and provides them with an estimated dollar amount for the monthly electric and/or gas energy costs for the home as designed. The KB Home EPGs for the homes at the new community in Valencia will reflect the additional energy efficiency provided by the solar power systems.
Learn more about markets featured in this article: Los Angeles, CA.