The New Home Company (NYSE: NWHM) announced Tuesday that it recently acquired land and started construction on a community of 222 townhomes and flats, called Mosaic, within the popular lakefront master-planned community of Layton Lakes in Gilbert, Arizona.
New Home Co., headquartered in Aliso Viejo, California, has Arizona operations based in Scottsdale.
Mosaic, planned to open in spring 2020, will be NEW HOME’s second community in Gilbert, joining Belmont, which opened last summer. Belmont features 53 single-family residences and is expected to sell out later this year.
Mosaic will offer a diverse mix of housing types in three distinct neighborhoods consisting of 87 Row Townhomes, 69 Backyard Townhomes and 66 Flats. With pricing anticipated to start in the high $200,000s, NEW HOME expects to attract a range of buyers to Mosaic, from empty nesters to young families and first-time homeowners.
When it opens, Mosaic will feature a gated entrance, swimming pool and spa, tot lot, barbecue grills and walking paths. Residents will also have access to Layton Lakes’ jogging track, splash pad, tennis and basketball courts, baseball fields, parks and highly rated schools.
“Following the tremendous sales success of Belmont, we’re thrilled to introduce Mosaic as our second community in Gilbert, the fastest growing city in Metropolitan Phoenix,” said NEW HOME Arizona Division President Christopher Cady. “Our Mosaic buyers will appreciate our award-winning approach to creating thoughtfully designed homes ideal for a variety of lifestyles that are set in a family-friendly environment with a quality social infrastructure.”
NEW HOME, which launched operations in Arizona in 2016, currently has four actively selling communities in the greater Phoenix region: Belmont, ICON Silverleaf in Scottsdale, and the Villas and Residences at Mountain Shadows in Paradise Valley.
“Although we’ve only had a presence here for a few years, it’s been extremely gratifying to become one of the most highly regarded home builders in Phoenix, earning some of the highest honors for planning and design,” said Cady. “We’re committed to this market and look forward to continued expansion as we complete our current communities and acquire land for new projects.”