VIZZDA – August 21, 2012 – Randy Hearne (CFO) represented Stratford Land in the sale of 49 partially improved lots within Vistancia to Texas-based Gehan Homes for $3.969M or $1,350 per front foot. The sale is per a prior purchase agreement between the buyer and seller dated 7/11/12.
The lots are within the Vistancia Village A Parcel G2 subdivision, which is planned for a total of 101 lots on 35.12 acres, a density of 2.87 lots per acre. This land has been partially graded but no other horizontal improvements have been built on the site. Per Stratford, land development will begin in early October. The lots are all 60’ x 120’ in dimension (7,200 SF area). Recorded documents indicate Woodside is the designated builder on the remaining lots within Parcel G2.
Vistancia, located in Peoria North of the 303 and Dysart Rd is a 7,100 acre masterplan community originally developed by Sunbelt Holdings and Shea Homes in 2001. Stratford Land joined in 2009 as an equity partner. This purchase by Gehan marks the second Phoenix acquisition tracked by VIZZDA, refer to our other here.