D.R. Horton successfully bid $31.35 million Tuesday in an Arizona State Land Department auction for 125.36 acres of State Trust Land in Peoria that is zoned for residential use, State Land Commissioner Lisa Atkins announced.
D.R. Horton, a Texas-based developer with several developments in Arizona, made the only bid in the auction, bidding the minimum allowable bid of $31.35 million. That figure is the appraised value of the subject parcel, at the southwest corner of Lake Pleasant Parkway and Deer Valley Road. The subject parcel has been zoned by the city of Peoria for a planned community development.
The auction was scheduled Per Commissioner’s Initiative, where the Department itself was the applicant to put the subject parcel on the market.