KB Home Announces Plans for New Luxury Homes on Westside of Los Angeles

  KB Home Announces Plans for New Luxury Homes on Westside of Los Angeles

Noteworthy land acquisition in popular master-planned community of Playa Vista
allows KB Home to offer more new homes that meet the live-work-play ideal just
minutes from the beach

Business Wire

LOS ANGELES -- December 13, 2012

KB Home (NYSE: KBH), one of the nation’s largest and most recognized
homebuilders, today announced that it has purchased land from Brookfield
Residential Properties Inc. in the master planned coastal community of Playa
Vista. KB Home plans to construct more than 100 new luxury homes as part of
Playa Vista’s exciting final phase of development. Well-familiar with this
now-thriving community, KB Home has already enjoyed success with condominium
homes in the first phase of development, including its award-winning LEED
Platinum certified Primera Terra project which sold out earlier this year.

“Playa Vista has become one of the crown jewels of Los Angeles’ Westside and
we’re very pleased to be a part of its next evolution,” said Jeffrey Mezger,
president and chief executive officer of KB Home. “Our new homes planned for
the final phase of Playa Vista are designed to appeal to the discerning
Westside buyer looking for a true haven to call home, nestled in a small-town
atmosphere with the conveniences and excitement of a big city. Playa Vista
already has so much going for it and we’re ready to help make it an even
better place to live, work and play.”

Indeed Playa Vista, one of the Westside’s most desirable zip codes is already
home to over 6,500 LA residents, and KB Home is ready to “welcome home” even
more Angelenos. Construction on KB Home’s new communities in Playa Vista will
begin in the spring with three-story detached homes with as many as four
bedrooms and three-and-a-half baths in up to 2,800 square feet. KB Home also
plans to build contemporary single-level condominiums offering private
elevator access to each home, with more than 2,000 square feet of living space
and customizable interiors.

Residents will enjoy the benefits of living in a well-established and
pedestrian-friendly neighborhood ideally situated near the vibrant Westside
communities of Marina Del Rey, Venice, Culver City and Santa Monica. The
CenterPointe Club, a private resident activity center with a host of amenities
including pools, a spa and gym, is within walking distance of the new KB Home
projects, and a second all-new activity center is also planned in Playa
Vista’s final phase. An additional 24 acres of new parks, walking trails and
green space will link to the already massive network of recreational area in
Playa Vista that also includes sports fields and courts, dog parks and
performance venues. Families with children are served by the newly-opened
Playa Vista Elementary School, a demonstration school in partnership with
Loyola Marymount University

And it’s not just thousands of happy Angelenos who call Playa Vista home.
Leaders in gaming, technology and marketing including Electronic Arts, Belkin,
Facebook, YouTube and FoxSports.com are among those occupying more than two
million square feet of office space in The Campus at Playa Vista. The Los
Angeles Clippers professional basketball team has called Playa Vista home
since the 2008 opening of their state-of-the-art training facility there.
World-renowned aviator and business mogul Howard Hughes and his ‘Spruce Goose’
once called Playa Vista home as well. Today, the hangar space is part of the
Hercules Campus and boasts one of the country’s largest soundstages.
Advertising execs from up and coming firm 72andsunny along with other
entertainment and media companies plan to move into Hughes’ old office space
in The Hercules Campus in the coming months.

When Playa Vista professionals and residents are ready for dining out and
entertainment, they soon won’t need to leave the neighborhood thanks to the
planned “Runway at Playa Vista” lifestyle and entertainment district that new
and existing KB homeowners will also enjoy. Construction on the center, which
will become Playa Vista’s “downtown,” is anticipated to occupy the equivalent
of four city blocks in the final phase and includes new restaurants and
boutiques, a gourmet grocery store and 10-screen movie theater. “Runway” will
provide a unique and modern addition to existing neighborhood services and
conveniences that currently include banking and dry cleaning, Pilates and
yoga, a coffee house, restaurants and a branch of the LA public library.

KB Home, in business since 1957, also calls the Westside of Los Angeles home,
with its corporate headquarters just a few miles away in Westwood, and is
currently the largest publicly traded homebuilder in California based on homes
delivered. Homebuyers enjoy KB Home’s signature Built to Order™ experience,
during which they can choose their floor plan as well as many of the interior
design elements like flooring, cabinetry, lighting and other finishing
details. The homebuilder has also become a leader in the industry when it
comes to sustainability initiatives, having constructed over 68,000 ENERGY
STAR certified home nationwide. It constructed the first LEED Platinum
certified homes in Playa Vista last year. KB Home’s approach to its new
construction in Playa Vista is anticipated to be equally environmentally
conscious and resource-efficient.

To learn more about KB Home and register to receive updates on its new homes
planned for Playa Vista, visit kbhome.com or call 888-KB-HOMES.

About KB Home

KB Home is one of the largest and most recognized homebuilding companies in
the United States. Since its founding in 1957, the company has built more than
half a million quality homes. KB Home's signature Built to Order™ approach
lets each buyer customize their new home from lot location to floor plan and
design features. In addition to meeting strict ENERGY STAR® guidelines, all KB
homes are highly energy efficient to help lower monthly utility costs for
homeowners, which the company demonstrates with its proprietary KB Home Energy
Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable
building practices, KB Home was named the #1 Green Homebuilder in the most
recent study by Calvert Investments and the #1 Homebuilder on FORTUNE
magazine's 2011 World's Most Admired Companies list. Los Angeles-based KB Home
was the first homebuilder listed on the New York Stock Exchange, and trades
under the ticker symbol "KBH." For more information about KB Home's new home
communities, call 888-KB-HOMES or visit www.kbhome.com.

Contact:

KB Home
Craig LeMessurier
925-983-4509
clemessurier@kbhome.com
 
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