March 21, 2025 6:11 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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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.