A big, national home builder has made a sizable land purchase in the southwest Las Vegas Valley.
Ryland Homes, a California home builder with local offices, bought 38 acres along the Las Vegas Beltway from local power utility NV Energy.
The land, which Ryland purchased for $14.8 million, is just north of the beltway between Buffalo and Durango drives.
Derek Rafie, first vice president of the land team of local commercial brokerage CB Richard Ellis, represented NV Energy in the deal.
Rafie said Ryland will build homes on the property, which is already zoned residential.
Ryland has 12 new-home subdivisions under construction across the valley, mostly in the southwest and the northwest.
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