A partnership of two Valley homebuilders was the winning bidder March 3  for 410 acres of state trust land in north Phoenix.

Cave Buttes Development Partners LLC submitted the minimum bid of $100 million at an Arizona State Land Department auction. 

The land is north of Deer Valley Road about one mile east of Cave Creek Road and extends east to a future alignment of the Black Mountain Parkway.

Cave Buttes Development Partners is Taylor Morrison/Arizona Inc. and Pulte Homes Corp. The partners plan to build up to 1,200 homes on the property, according to Business Real Estate Weekly. 

Last month, the city of Phoenix was the winning bidder for 146 acres of state trust land west of Interstate 17 and north of Cloud Road. The city will pay $2.62 million for the land. 

Revenue from trust land sales is earmarked for public education in Arizona.