LEANDER, Texas (AP) - KB Home said Tuesday that it bought Mason Ranch, a 330-acre piece of land in Leander and hopes to develop it into a planned community with 1,019 home sites.
Financial terms were not disclosed.
KB Home said the community will include energy efficient homes that are built to order and are located on roads that wind through a family friendly neighborhood. The area includes nationally recognized schools, a variety of retail establishments and nearby access to interstate highways and toll roads, the company said.
Land development is scheduled to begin in early 2013, with model homes opening later in the year.
Shares of KB Home rose 24 cents, or 2 percent, to $12.26 in afternoon trading Tuesday. They are 7 percent below their 52-week high of $13.12 in mid-March. They traded as low as $5.02 in October 2011.
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