Pulte Homes has agreed to buy the remaining real estate in the high-end communities of Village of WestClay in Carmel and Lochaven in Noblesville, potentially finishing off the projects originally developed by Carmel-based Brenwick Development Co.
Between the two communities, Pulte expects to be able to build on more than 200 home sites, the firm announced Tuesday morning. It declined to disclose the purchase price in the transaction, which is expected to close at the end of the summer.
The remaining lots and vacant land were the subject of a legal tussle between the developer and two lenders. Pulte is purchasing the land from Wells Fargo Bank, which ultimately controlled the property, according to Valerie Dolenga, a Pulte spokeswoman.
Designed to mimic small-town life in the early 20th century, the 680-acre Village of West Clay was the first project of its kind in Indiana when construction began more than a decade ago. Prices range from $150,000 townhomes to $3 million estate homes.
The Lochaven community is centered on a 52-acre lake, and has several amenities, including a clubhouse, swimming pool and park.