One of nation’s largest homebuilders wins Valley land auction bid

Article originally posted on on April 14, 2025

It’s been said the third time’s a charm.

That’s how it worked out for Miami-based Lennar Corp. (NYSE: LEN) when it came to an April 10 Arizona State Land Department Auction.

Lennar was the winning bidder for 22.14 acres of prime acreage in the fast-growing West Valley city of Peoria, where two other commercial developers bid against the homebuilder.

After a starting bid of $5.15 million, Lennar won the auction with its $8.7 million bid.

The applicant for that parcel was Pederson Group Inc., developer of The Trailhead mixed-use project in Peoria.

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