Lennar land banker buys 444 lots near Peoria for $60.1M

A land-banking company working with Lennar paid $60.14 million for 444 residential lots near 117th Avenue and the Deer Valley Road alignment, adding a large home pipeline west of the semiconductor employment corridor in north Phoenix.

The all-cash transaction closed Sept. 15 and covers 132.24 acres in unincorporated Maricopa County near Peoria, according to real-estate database Vizzda LLC, as reported by the Phoenix Business Journal and ABC15. The buyer was AGWIP Asset Management, described in the report as a land banker for Miami-based Lennar Corp. The seller was Phoenix-based AroundTown Agua Fria LLC.

The lots are part of Harish Estates, a subdivision approved for 606 lots south of the Vistancia master-planned community. The purchase therefore covers about 73% of the subdivision’s planned lots.

What the $60.14 million deal means

The transaction works out to about $135,450 per acquired lot, or roughly $455,000 per acre. Those figures describe the land transaction and do not represent future home prices.

A land-bank purchase also should not be read as a construction start. In this financing structure, a land company acquires property associated with a homebuilder’s pipeline, allowing the builder to take down lots over time rather than tying up the same amount of capital in land. The reported closing shows that Lennar has secured a significant position in Harish Estates, but a homebuilding schedule, model lineup, sales date and pricing have not been announced.

The jurisdiction matters as well. The site is near Peoria, but the reported property is in unincorporated Maricopa County. County approvals and services therefore govern the subdivision unless the jurisdiction changes. Calling the deal a Peoria city approval would be inaccurate.

AroundTown has a broader northwest Valley pipeline

AroundTown’s work in this part of the county extends beyond the 444 lots sold for Lennar’s pipeline. The developer plans to bring another 2,000 lots in the surrounding area to market during the next three years, according to the transaction report.

County records also show a separate AroundTown project nearby. In June 2025, the Maricopa County Board of Supervisors advanced Agua Fria Estates, a planned 135-lot community near 115th Avenue and Hatfield Road. Project reporting based on county documents said the 33.5-acre plan could accommodate as many as 150 lots, with a minimum lot size of 4,950 square feet and larger perimeter lots.

Harish Estates is a much larger subdivision. The 444-lot sale is also notable for its scale: the Phoenix Business Journal identified it as the region’s largest residential-lot purchase of 2026 through the transaction date.

Housing follows the semiconductor corridor

The site sits west of the major employment growth surrounding Taiwan Semiconductor Manufacturing Co.’s north Phoenix campus. That corridor is also drawing supplier investment, including Amkor Technology’s planned advanced-packaging campus in Peoria, and mixed-use construction at Halo Vista next to TSMC.

For readers tracking that growth, West Valley Post maintains a living TSMC and West Valley semiconductor supplier tracker and a detailed look at what is under construction at Halo Vista.

The next useful milestones for Harish Estates will be Lennar’s construction timetable, the first home permits, the community’s product and price ranges, and whether the remaining 162 approved lots move to another builder or buyer. Until those steps occur, the Sept. 15 closing is best understood as a major land and lot commitment, not an opening date.