(By Balaseshan) KB Home (NYSE: KBH), a homebuilding company, said it purchased a 103-acre parcel of land in Katy, Texas, a western suburb of Houston.
The builder, distinguished by its built-to-order approach, will begin construction on model homes at the site, located off the Katy Freeway approximately one and a half miles west of FM 1463, early next year.
Los Angeles, California-based KB Home said its acquisition allows the homebuilder to add to its growing collection of new home communities in Katy.
KB Home is currently selling new homes in four communities in the city. Plans for this most recent acquisition include construction of about 275 built-to-order single family homes ranging in size from 2,000 to 4,000 square feet.
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With built-to-order, homebuyers can choose their lot location, the floor plan that goes on it and many of the design features included in it in order to get their new home built just the way they want it.
KB Home's newest Katy community will also include a recreation center with a resort-style pool, neighborhood parks and walking trails for residents' enjoyment.
"We're enthusiastic about continuing to be an active member of the Katy community and announcing our plans to bring more Built to Order home choices to buyers in one of the most desirable submarkets of Houston," said Jim Widner, regional president of KB Home.
The company constructs and sells homes through its operating divisions under the name KB Home. It operates in nine states and 32 markets, including California, Arizona, Nevada, Colorado, Texas, Florida, Maryland, North Carolina and Virginia.
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KBH is trading down 2.12 percent at $14.30 on Friday. The stock has been trading between $6.17 and $17.30 for the past 52 weeks.