Lennar closes on 800-home deal in San Antonio area

SAN ANTONIO – Lennar Homes of Texas closed a deal for more than 800 home builder lots in San Antonio and Cibolo.

The latest buy for the builder — the entire local land portfolio of Covington Capital. Covington, a real estate investment company, acquired the lots from Standard Pacific Corp. in 2007.

With the deal, Lennar now owns an additional 813 paper and finished home builder lots in San Antonio.

The home sites lots are located in three communities:

• Potranco Run: State Hwy. 211 and Potranco Rd. on the far West Side. Lennar is scheduled to open two new floor plans in the subdivision this summer. Homes here will start in the upper $100,000s.
   
• The Heights of Cibolo: FM 1103 in the city of Cibolo, just northeast of San Antonio. Lennar is expected to be open for sales this summer, with homes priced from the low $200,000s.
   
• Santa Maria at Alamo Ranch: One of several subdivisions within the larger, master-planned community Alamo Ranch, which is located at the intersection of Culebra and Loop 1604 on the far West Side. Lennar is scheduled to open for sales next spring, with homes priced from the mid-$200,000s.

The Covington Capital deal is one of the latest large land buys by Lennar in 2013 alone. In April, Lennar purchased 287 acres of land in the Johnson Ranch subdivision to build new homes in Boerne.

Read more at Bloomberg, the San Antonio Express-News and the San Antonio Business Journal.