VIZZDA—January 31st, 2013 — G. Thomas Hennessey, in his capacity as Vice President of Taylor Morrison Homes, has acquired a 31.58-acre parcel of land for $3.96m or $125,395.82 per acre. The property is located at the southwest corner of North Valley Parkway and Sonoran Drive just east of the southeast corner of the I-17 and Loop 303 interchange in Phoenix.
The residential acreage consists of 1,375,676 ft2 of un-graded land zoned C-2. The site is currently planned for 101 lots with the following dimensions:
- 46 lots of 50’ x 120’ for a typical lot area of 6,000 ft2
- 55 lots of 60’ x 120’ for a typical lot area of 7,200 ft2
This arrangement results in a density unit per acre ratio of 3.15, as well as a per lot price of $39,207, a per front foot price of $707 and a per square foot price of $2.88.
The seller was an entity formed by William Levine of Pacific Coach, Gary Davidson and Daniel Rye. They had previously acquired a 39.45-acre parcel on September 7th, 2004 for $5.5m or $139,417 per acre in an all cash transaction. Pursuant to a January 12th, 2012 purchase and sale agreement, that larger assemblage will be split with Taylor Morrison taking down 31.58 acres of residential land and the selling entity retaining a 7.7 acre commercial parcel on the northeast corner of the property.
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