One of the leading U.S. homebuilding companies, KB Home (KBH) recently acquired 40 acres of land in Eastvale, CA from Stratham Communities. The site named Cleveland Square is positioned at the northwest corner of Limonite and Cleveland Avenues. The company has the option to acquire 143 home sites in the future.
Owing to its operational business model KBnxt, KB Home begins construction only after a purchase agreement is executed. Therefore, consumers buying KBH homes get the liberty to plan their homes according to their preference. After KB Home breaks ground on the land this spring, homebuyers will get to choose from three collections of homes.
One of these collections will comprise 125 single family homes. Homeowners will get to choose from three floor plans, which feature spacious rooms, outdoor patios and an optional first floor bedroom suite.
The second collection will have 123 homes, with an option for three floor plans. The homes will have up to five bedrooms. The third collection will have 102 homes, with up to four floor plans and five bedrooms.
Cleveland Square is a part of the Inland Empire. KBH unveiled four communities in the Inland Empire region of California in the first weekend of August. The four new home communities are Cantata at The Preserve in Chino, Parkside in Ontario, The Pinnacle at Roripaugh Ranch in Temecula and Sequoia at Monument Park in Perris.
Like most other homebuilding companies, KB Home has been investing in lands and lots in order to raise its inventory level to meet the growing demand for new homes. KB Home has a strong presence in the California market. In mid-July, the company acquired more than 300 lots for a master planned community known as Westpark in Roseville, Calif.
KB Home carries a Zacks Rank #3 (Hold).
Other stocks in the homebuilding sector that are performing well and deserve a mention include Hovnanian Enterprises Inc. (HOV), Meritage Homes Corporation (MTH) and Standard Pacific Corp. (SPF). All the three companies carry a Zacks Rank #2 (Buy).
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