Vizzda—March 20th, 2013 — David Bruner, President of DMB Circle Road Partners and former COO of DMB Associates, Inc., sold 16.12 acres of residential acreage in the Foothills Club West subdivision of Ahwatukee to Lennar Homes for $3.075m or $4.38 per ft2. Lennar took the property through the entitlement process at the behest of DMB Circle Road prior to taking ownership.
Following final approval by the City of Phoenix on Januray 16th, the site was rezoned from PCD to R1-8 and platted for seventy 2-story single family residences. Typical dimensions for the lots are 45’ x 105’-110’ for an effective project density of 4.4 density units per acre. The lots have set back requirements of 15’ for the front and rear and 10’ for the sides.
DMB Associates, Inc. previously acquired the land as part of a larger assemblage on June 28th, 1996 for $1.152m. On December 28th, 2001, the larger property was transferred into a joint venture between DMB and Circle Road Equities. No debt was located for either the current or previous owners and the all-cash purchase price reflects a per lot price of $43,928 and a per front foot price of $946.
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