Pulte Home Corp. has acquired one of the last remaining infill sites in North Raleigh for $11.28 million.
The homebuilder acquired the roughly 36-acre site from Mason Williams and Isabella W. Smith. The property is off Old Lead Mine Road and adjacent to Lead Mine Elementary.
Pulte plans to build an 86-lot community on the site that will be targeted at seniors, according to CBRE Raleigh, which represented the sellers in the deal.
The price, about $314,000 an acre, reflects the premium that large infill sites in the Triangle command in today’s market.
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As new construction has ramped up in the Triangle, homebuilders have found it increasingly difficult to refill their inventory of lots.