Pulte Homes Pays $102.8MM to Acquire Silicon Valley Land for 419 Homes

Pulte Homes, Bay Area, South San Jose, San Jose Mercury News, Plesanton, Walnut Creek, San Mateo, Santa Clara, Fremont, Milpitas, Onyx Series
Radius townhomes in Mountain View

By Vladimir Bosanac

Earlier this week, Pulte Homes took another major step to grow its burgeoning Bay Area portfolio. On February 20th, the company paid $102.8 million for a collection of vacant lots that total approximately 25 acres off of highway 85 in South San Jose where it is planning to construct as many as 419 homes. The sale was first reported by the San Jose Mercury News.

“We are very excited about the community,” said Dan Carroll, vice president of land acquisition and land development at Pulte Group’s Northern California division in Plesanton in the report.

The plan is for Pulte to build a combination of townhomes, single-family detached houses and apartments. These plans may shift based on the demand in the community, and the developer is expecting them to move relatively quickly. Proximity to businesses in the region and transit is expected to drive demand for the development.

In the Bay Area, Pulte has 14 active communities. They are in part of the region, from Walnut Creek to San Mateo to Santa Clara, Fremont and Milpitas to name a few. In San Jose, it has two communities, the Onyx Series 5 where 3-bedroom townhomes start at $1.03 million, the Onyx Series 6 where 2-4 bedroom townhomes start at $874,990. It’s most expensive development is in Mountain View, Google’s home city, where 2-4 bedroom townhomes start at $1.3 million. Single-family homes in the same development start at as high as $1.8 million.

Map courtesy of San Jose Mercury News & Google.

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