Larry Canarelli, developer and founder of Las Vegas-based American West Homes, recently announced that he sold the firm's home building and construction operations to PulteGroup.
Without disclosing the full terms, Canarelli confirmed to the Las Vegas Review-Journal that Pulte acquired more than 200 acres of 1,200 lots, priced at more than $150 million, with an option to buy 2,400 more lots located on 450 acres in the Southwest and Southern Las Vegas Valley. Canarelli says he still owns more than 6,000 acres of land in Southern Nevada, but has stopped building homes following the sale to Pulte.
The transaction follows the best-selling year for Southern Nevada home builders in more than a decade and marks the end of an era in Las Vegas’ residential construction industry.
The market is dominated by out-of-state, publicly traded homebuilders. Launched in 1984, Canarelli’s firm was the only locally based developer to crack the top 10 in sales last year, ranking fifth with 814 closings, according to Home Builders Research.