April 4, 2025 11:13 am
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Bidding war erupts in auctions for prime land in Peoria

(Disclosure: Rose Law Group represents Lennar.)

By Audrey Jensen | Phoenix Business Journal

It just wasn’t Lennar Corp.’s day. The homebuilder fell short in back-to-back bidding wars at two state land auctions on Feb. 19 for prime acreage in the fast-growing city of Peoria.

The first property up for bid Wednesday was 72 acres surrounding Lake Pleasant Crossing, at the northeast corner of Lake Pleasant Parkway and Happy Valley Road. After 56 bids between Lennar and K. Hovnanian (NYSE: HOV), the latter won the auction for $30.6 million, which was $5.6 million more than the starting bid.

Read the full subscription story from the Phoenix Business Journal.

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