Richmond American Homes, a unit of M.D.C., Denver (NYSE:MDC), has acquired 42 acres in the Summerlin master plan outside Las Vegas. The Las Vegas Review-Journal reports:
Richmond American Homes acquired a 42.5-acre parcel for around $23.8 million from Summerlin developer Howard Hughes Corp., property records show. The sale closed March 1.
Richmond American plans to build about 100 single-family homes there, Summerlin President Kevin Orrock said on Friday.
He confirmed that it was Howard Hughes’ first land sale this year to a housing developer in Summerlin, Las Vegas’ largest master-planned community.
Richmond American’s parcel, near Alta Drive and Charleston Boulevard, is in the new, 500-acre Stonebridge village. Stonebridge’s parcels are larger than what Howard Hughes has typically sold in other villages, Orrock said.
