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Press release from Business Wire

KB Home Acquires Land in Jefferson County for New Foothills Community

<p> <b>Recent acquisition expands builder's presence in Denver</b> </p>

Wednesday, May 22, 2013

KB Home Acquires Land in Jefferson County for New Foothills Community

10:00 EDT Wednesday, May 22, 2013

DENVER (Business Wire) -- KB Home (NYSE: KBH), one of the nation's largest and most recognized homebuilders, today announced that it has acquired 68 lots for a new community to be called Lyons Ridge in the foothills of Jefferson County alongside the Red Rocks Country Club. Land development will begin this summer, with KB Home planning to open its model homes this fall.

KB Home's purchase of Lyons Ridge comes shortly after the builder announced the opening of Conservatory Green, its fifth new home community in the popular Stapleton master plan. KB Home currently offers new homes at 11 communities in and around Denver, including two in Jefferson County – Bear Creek Meadows in Morrison and Belmar in Lakewood.

“Lyons Ridge is an exceptionally desirable community because it's surrounded by the picturesque foothills, next to the Red Rocks Country Club, making it feel like a private mountain retreat. Add in the benefits of a short drive to mountain resorts and convenient access to downtown Denver, and we are confident that Lyons Ridge will be very appealing to homebuyers,” said Matt Mandino, president of KB Home's Colorado division. “Market activity in the metro Denver area has been encouraging, and we feel now is the right time to invest in land and open new communities like Lyons Ridge.”

KB Home is distinguished by its Built to Order™ approach that allows its customers to personalize almost every aspect of their home. Buyers choose their homesite, preferred floor plan, and may select from a large assortment of designer options such as appliances, cabinets, countertops, flooring, lighting and more at the KB Home Design Studio. Buyers can create a home that reflects their style while staying within a budget.

Home shoppers will have their choice of ranch and two-story floor plans at Lyons Ridge that range from 1,747 to 3,606 square feet and can include up to five bedrooms, four-and-a-half baths and two-car garages. Each KB home can be customized to suit each buyer's unique needs and wants. For example, the luxurious home designs available at Lyons Ridge will include options such as three-car garages, finished basements and walkout basements to easily enjoy outdoor living. Additionally, flexible living spaces can be converted to a guest bedroom or home office.

Like all KB homes, the residences at Lyons Ridge will be ENERGY STAR® certified, making them some of the most energy-efficient available today. Built-in energy- and water-conserving features such as low-e windows and WaterSense® labeled fixtures all help create a home that can save homeowners money on monthly utilities, especially when compared to other new or resale homes.

For more information about KB Home communities in Colorado and elsewhere, visit www.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.

KB Home
Craig LeMessurier, 925-580-1583
clemessurier@kbhome.com

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