In a sizable land deal signaling a shakeup in north Peoria's housing landscape, two significant players in the national homebuilding scene have made a move to establish their presence in the Saddleback master-planned community. Miami's Lennar Corp. and Scottsdale's Taylor Morrison Home Corp. have jointly purchased nearly 600 lots for a staggering sum of $54 million. This investment by Lennar Corp. and Taylor Morrison Home Corp. marks the first foray into the 5,300-acre development project by Castle Hill Partners from Austin, as reported by Phoenix Business Journal.
Lennar, through their landbanker AGWIP Asset Management, parted with $27.81 million to secure 289 lots, and Taylor Morrison wasn't far behind, spending $26.05 million on 293 lots, according to the real estate database company Vizzda LLC. This agreement aligns them within the Saltbrush village of the Saddleback community, poised to potentially up boost the local housing stock. Scottsdale-based Camelot Homes is also entering the fray, targeting 19 distinct, 80-foot wide lots in a more premium, gated section of the development. "We couldn't be happier to work with a great seller and master developer like Castle Hill," Lennar's senior vice president of land acquisition Jeff Gunderson told the Business Journal, emphasizing the longstanding relationship between the companies.
Representatives of Land Advisors Organization orchestrated the transactions, with CEO Greg Vogel citing the Saddleback territory as "the most beautiful piece of raw land" he's ever encountered. Camelot's foray marks a new venture for the builder, which is typically seen contributing to more developed communities. Camelot's COO Kevin Rosinski expressed excitement about raising the bar for luxury homebuilding in this part of the Valley. The allure of the development is its proximity to major industrial players, particularly Taiwan Semiconductor Manufacturing Co.'s $165 billion facilities, promising a surge in housing demand due to increased employment opportunities.
Respective construction plans for Lennar and Taylor Morrison aim to commence in mid-2026, offering home sizes from 1,600 to over 3,800 square feet. Taylor Morrison held back on pricing details, preferring to maintain discretion until closer to market entry. In comparison, Camelot Homes is looking to deploy larger domiciles, ranging from 3,000 to 5,500 square feet, with starting prices expected in the low to mid $1 million range, as indicated by ABC15 News. "For us to come in as that luxury semi-custom production builder, it's going to set the bar higher for everyone within that community," Rosinski said, highlighting the significance of Camelot's early commitment to Saddleback.
A grand opening for Saddleback is projected for spring 2026, with ongoing developments and negotiations hinting at potential expansion. "They are on site and running toward a spring launch next year," shared Castle Hill Partners' vice president of asset management Carlee Ryan with the Phoenix Business Journal, capturing the momentum building at Saddleback. Homebuilders and prospective residents alike are keeping a close watch on this burgeoning community, which is setting itself apart with its contribution to the housing landscape in north Peoria.
