KB Home (NYSE: KBH), one of the nation’s largest and most recognized homebuilders, today announced that it has purchased land from Brookfield Residential Properties Inc. in the master planned coastal community of Playa Vista. KB Home plans to construct more than 100 new luxury homes as part of Playa Vista’s exciting final phase of development. Well-familiar with this now-thriving community, KB Home has already enjoyed success with condominium homes in the first phase of development, including its award-winning LEED Platinum certified Primera Terra project which sold out earlier this year.
“Playa Vista has become one of the crown jewels of Los Angeles’ Westside and we’re very pleased to be a part of its next evolution,” said Jeffrey Mezger, president and chief executive officer of KB Home. “Our new homes planned for the final phase of Playa Vista are designed to appeal to the discerning Westside buyer looking for a true haven to call home, nestled in a small-town atmosphere with the conveniences and excitement of a big city. Playa Vista already has so much going for it and we’re ready to help make it an even better place to live, work and play.”
Indeed Playa Vista, one of the Westside’s most desirable zip codes is already home to over 6,500 LA residents, and KB Home is ready to “welcome home” even more Angelenos. Construction on KB Home’s new communities in Playa Vista will begin in the spring with three-story detached homes with as many as four bedrooms and three-and-a-half baths in up to 2,800 square feet. KB Home also plans to build contemporary single-level condominiums offering private elevator access to each home, with more than 2,000 square feet of living space and customizable interiors.
Residents will enjoy the benefits of living in a well-established and pedestrian-friendly neighborhood ideally situated near the vibrant Westside communities of Marina Del Rey, Venice, Culver City and Santa Monica. The CenterPointe Club, a private resident activity center with a host of amenities including pools, a spa and gym, is within walking distance of the new KB Home projects, and a second all-new activity center is also planned in Playa Vista’s final phase. An additional 24 acres of new parks, walking trails and green space will link to the already massive network of recreational area in Playa Vista that also includes sports fields and courts, dog parks and performance venues. Families with children are served by the newly-opened Playa Vista Elementary School, a demonstration school in partnership with Loyola Marymount University
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts