Builder buys New Hill land

06/26/2014 9:18 AM

06/26/2014 9:20 AM

NVR, the Reston, Va.-based homebuilder, has acquired nearly 264 acres in New Hill, according to Wake County property records.

The company paid $9.23 million for five parcels along Horton Road just north of old U.S. 1. The seller was the Lawrence family.

A spokesman for NVR, which builds homes in the Triangle under its Ryan Homes brand, declined to comment on the purchase.

As new construction has ramped up in the Triangle, homebuilders have found it increasingly difficult to refill their inventory of lots. That’s led to an increase in the development of raw land.

While homebuilders once turned to land development firms for assistance in such deals, many of those companies didn’t survive the downturn. That’s led to an increase in homebuilders doing their own land development.

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