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.
As new construction has ramped up in the Triangle, homebuilders have found it increasingly difficult to refill their inventory of lots.