Pulte Homes, owners of the Del Webb brand of homes, recently purchased an unfinished retirement community near Tucson, Arizona from K. Hovnanian Homes (KHOV), for $8 million cash. Four Seasons at Rancho Del Lago in Vail, AZ will be known as Del Webb at Rancho Del Lago, as Pulte Homes takes over ownership. K. Hovnanian, who is the sixth largest builder in the nation, began the project in February 2008. They planned to build a total of 500 homes priced from the upper $100s. After only completing 35 homes, construction by KHOV halted due to the real estate downturn in Tucson and around the nation.
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