Mattamy Homes has bought Thomas Ranch.

The Business Observer reports the transaction involving Thomas Enterprises runs $86.25 million.

Vanguard Land of Sarasota serves as a minority partner for the 9,650-acre property. This real estate development and investment firm provides strategic planning and direction for it.

Thomas Ranch has entitlements for 11,000 homes and three-million square feet of commercial development.

This purchase marks the largest in Mattamy Homes’ history in this country. It expects to start development on this site in two years.