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Oct 5, 2016, 11:24am MST Updated Oct 5, 2016, 3:29pm MST
A Texas-based homebuilder is making its first foray into the Phoenix market at the mammoth 20,000-acre Estrella development in Goodyear.
Texas-based Terrata Homes has plans for 92 homes at Newland Communities’ Estrella development in the West Valley west of Estrella Mountain Park and south of State Route 85.
It’s Terrata’s first Arizona project. The builder already has residential development footprints in Denver, Charlotte, Houston and San Antonio.
Terrata’s Goodyear homes will be more than 2,000 square feet on 65-foot-wide lots.
San Diego-based Newland Communities is the master developer at Estrella. Other builders — including Shea Homes, KB Home and Beazer Homes — already have a presence at the sprawling development.
“Estrella is pleased to welcome Terrata Homes to Arizona as the respected builder’s first community in the Phoenix market,” said Bill Olson, a senior vice president for Newland. “We work hard to bring top-quality homes to Estrella and offer potential residents a variety of builders and home plans to best suit their needs.”
Terrata Homes is part of LGI Homes Inc. (Nasdaqa: LGIH). The Woodlands, Texas-based LGI had $630 million in revenue and a $53 million profiit in 2015, according to Google Finance.
LGI has built homes in the Phoenix and Tucson market but this Terrata’s first Arizona effort.
Chris Kelly, regional president of Terrata, said the builder is excited about the Estrella entry.
In June, Terrata announced its first Colorado project in Denver.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.
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