KB Home has established a Mid-Atlantic Division in a move to expand into the rapidly growing Washington, D.C.-area housing market, the company said today.
KB Home’s entry into Maryland and Virginia brings the number of markets in which KB Home builds to 39. The company’s previous eastern U.S. presence includes divisions throughout Florida, Georgia, North Carolina and South Carolina.
The company plans to open five communities in this region in 2006.
“We are establishing operations in the Washington, D.C., area because of its vibrant job and population growth, and the communities surrounding our nation’s capital are still some the most desirable areas to live in the country,” said KB Home Chairman and CEO Bruce Karatz.
The division’s first community, Martin’s Chase, will be located in Loudoun County, Va., and will feature approximately 147 single-family homes. KB Home will begin sales in Martin’s Chase in early 2006.
Additionally, KB Home is teaming up with Centex to build 2,000 homes for a mixed-use infill community on the 180-acre Crown Farm property, which will be annexed into Gaithersburg, Md. The community will feature retail space, a new high school and a variety of home designs. KB Home will build approximately 1,000 homes, including town homes, single-family homes and multifamily units. Sales are scheduled to begin in late 2007.
Mark Kinsley, who has served as president of KB Home’s New Mexico division since 2002, is the Mid-Atlantic division president. Kinsley joined KB Home in 1998 through the acquisition of Pridemark Homes in Colorado, where he was director of sales, and later vice president of land.
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