Meritage buys active adult community

Home builder Meritage Homes has purchased Province, an active adult community outside of Phoenix in Maricopa, Ariz.

Province is the latest addition to Meritage's active adult communities in Arizona, including Sundance in Buckeye, Mission Royale in Casa Grande, and Las Campanas and Canoa Ranch in Green Valley.

"Meritage has been actively pursuing opportunities to acquire finished lots in good sub-markets where we believe we can offer high-quality homes at very competitive prices, providing great values to our customers," said Steven J. Hilton, chairman and CEO, Meritage Homes. "We believe the acquisition of properties like Province will help us achieve our strategic and financial goals."

Province, which originally opened in 2003, was planned and developed by Tousa/Engle Homes and was part of a larger joint venture with Sunbelt Holdings. The community has 2,200 home sites, of which 882 have been sold. Meritage acquired the remaining available property, consisting of 433 finished and 885 entitled/planned lots.

The community was voted the Best Active Adult community in 2006 by the National Association of Home Builders' 50+ Housing Council and includes about 50 acres of lakes, 125 acres of parks and greenbelts and a town center of more than 30,000 sq. ft. The town center has a recreation center with a fitness center, indoor pool, auditorium and a cyber cafe.

The home builder plans to renovate and reopen the Province Sales Gallery and will introduce new models by the end of the year.