Lennar & Taylor Morrison Invest $54M in Peoria’s Saddleback Community

In a significant development for the West Valley real estate market, two of the nation’s largest homebuilders have invested a combined $54 million to acquire nearly 600 lots in Saddleback, a new 5,300-acre master-planned community in north Peoria, Arizona. Miami-based Lennar Corp. and Scottsdale-based Taylor Morrison Home Corp. are the inaugural builders in this expansive project, developed by Austin-based Castle Hill Partners. 

Details of the Acquisitions

Lennar’s landbanker, AGWIP Asset Management, purchased 289 lots for $27.81 million, while Taylor Morrison acquired 293 lots for $26.05 million. Additionally, Camelot Homes is under contract for 19 larger, 80-foot-wide lots, marking its first community in the northwest Valley. 

Community Features and Builder Plans

Saddleback’s first village, Saltbrush, will host the lots acquired by Lennar and Taylor Morrison. Camelot’s lots are situated in an exclusive gated enclave higher up the mountain, offering premium views. Lennar plans to begin construction in mid-2026, offering homes ranging from 1,700 to over 3,000 square feet, with prices starting in the $500,000s. Taylor Morrison’s homes will range from 1,600 to 3,800 square feet, with pricing details forthcoming. Camelot’s 19 homes will span 3,000 to 5,500 square feet on approximately one-third-acre lots, with prices starting in the low to mid $1 million range. 

Strategic Location and Economic Implications

Saddleback’s proximity to major developments, such as Taiwan Semiconductor Manufacturing Co.‘s $165 billion chip factories in north Phoenix, positions it advantageously to attract professionals seeking quality housing near their workplaces. The community’s scenic surroundings and opportunities for outdoor activities further enhance its appeal. 

Future Prospects

Castle Hill Partners broke ground on the development in November 2024, with a grand opening anticipated in spring 2026. Discussions with additional homebuilders are underway for the next phase, indicating ongoing growth and investment in the area. 

This substantial investment by prominent homebuilders underscores the strong demand for housing in the West Valley and highlights Peoria’s emergence as a key residential hub in the Greater Phoenix area.