The New Home Co. is building 53 homes within the Somerset master-planned community in Gilbert.
The Aliso Viejo, California-based homebuilder is investing about $24 million in the project near the southeast corner of Greenfield and Pecos roads, next to
the Church of Jesus Christ of Latter-day Saints in Gilbert, said Pat Moroney, Arizona division president for New Home Co. (NYSE: NWHM).
Designed by Bassenian Lagoni Architects, the homes will range from 4,117 square feet to 5,295 square feet and be priced in the low $700,000s. The 265-lot Somerset master-planned community is being developed by Mesa-based LeSueur Investments IX LLC and New York-based Landmark Property Holdings LLC.
The single-family homes will have various floor plans that offer three to seven bedrooms and 3.5 to 5.5 baths.
Homes have "pop up" options, which allow for a partial second story, Moroney said.
A model grand opening was held this weekend.
With offices in Scottsdale, the New Home Co. has invested more than $150 million in active and future communities in Paradise Valley, Scottsdale, Gilbert, Chandler and Queen Creek, Moroney said.
"We're committed to the market," he said. "We see long-term growth opportunities for the company. We are focusing on the right kind of locations where we can build an exclusive product offering."
The company also offers a wide range of price points for its products, ranging from $300,000 to $2.5 million, he said.
The New Home Co. began sales earlier this year in ICON, a new luxury collection of 72 contemporary single-story condominiums within Silverleaf at DC Ranch in Scottsdale. Prices start at $1.7 million and a model home grand opening is planned for later this year.
The company also is selling The Residences at Mountain Shadows, single-family homes priced from the high $1 millions. It also has The Villas at Mountain Shadows, 52 single-story condominiums priced from the low $1 millions.
The company currently employs 24 people in Scottsdale, and will be hiring for some customer care and sales positions, Moroney said.
He said he will keep his eye on other growth opportunities in metro Phoenix.
"We will continue to look for the right opportunities and strategically target better locations," he said. "That's really our plan based on what we have in front of us. I feel really good about the opportunities coming forward."