SCOTTSDALE, Ariz., Oct. 5, 2009 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH), a leading U.S. homebuilder, is pleased to announce the purchase of Province, a premier active adult community just outside of Phoenix in Maricopa, Arizona.

Province was voted the Best Active Adult community in 2006 by the National Association of Home Builders' 50+ Housing Council. It includes approximately 50 acres of lakes, 125 acres of parks and greenbelts and a completed town center of more than 30,000 square feet. The town center is home to a recreation center that features a fitness center, indoor pool, auditorium and a cyber cafe. Residents can also take advantage of numerous other amenities, including tennis courts, basketball courts and bocce ball.

Province is the latest addition to Meritage's showcase 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 beautiful homes priced from the low $100,000s in these well-designed, highly-amenitized communities. Management 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."

A guarded and gated, master-planned active adult community, Province was originally opened in 2003. The property was planned and developed by TOUSA/Engle Homes and was ultimately part of a larger joint venture with Sunbelt Holdings, a large Phoenix-based developer. The community is comprised of a total of 2,200 homesites, of which 882 have been sold to date. Meritage acquired the remaining available property, consisting of 433 finished and 885 entitled/planned lots.

"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, chairman and CEO, Meritage Homes.