Meritage Homes, a leading U.S. homebuilder, has purchased the Province active-adult community in the city of Maricopa.
“Meritage has been actively pursuing opportunities to acquire finished lots in good sub-markets where we believe we can offer high-quality homes at very competitive prices, providing great values to our customers,” said Steven J. Hilton, Meritage chairman and chief executive officer. “We believe the acquisition of properties like Province will help us achieve our strategic and financial goals.”
Province was originally developed by Engle Homes, a subsidiary of Hollywood, Florida-based TOUSA Inc., and opened in 2003.
However, TOUSA filed for bankruptcy protection in January 2008 and the developer subsequently closed its Province sales office in April. Prior to the sale being completed, the community had fallen into receivership of the banks.
Province is comprised of 2,200 home sites, of which 882 have been sold to date. Meritage acquired the remaining available property, consisting of 433 finished and 885 entitled/planned lots.
Province is the latest addition to Meritage Homes’ portfolio of active-adult communities in Arizona, including Sundance in Buckeye, Mission Royale in Casa Grande, and Las Campanas and Canoa Ranch in Green Valley.
Meritage offers homes priced from the low $100,000s. Hilton said his company believes the acquisition of Province will leverage the company’s existing sales, marketing and operations management within its successful active-adult division.
“We are proud to add Province to our portfolio of active-adult communities,” said Jeff Grobstein, Meritage Homes’ regional president. “Province has an unbelievable presence, coupled with great views and a very robust social infrastructure. We will be offering exceptional values to customers there with homes starting from the mid-$100,000s, and are very excited about taking Province through its completion.”
Meritage Homes plans to renovate and re-open the Province Sales Gallery and will introduce new models by the end of the year.
For more information, visit www.meritagehomes.com.
Photo by Michael K. Rich
