Dormant Queen Creek Subdivision Springs Back to Life, Purchased by Ryland in $19M+ Deal

VIZZDA—August 14th, 2013 — Ryland Homes through its signatory, Robert Zambie, purchased 283 lots in La Sentiero—also known as Rittenhouse Ranch—for $19,596,635. The selling entity included Mr. Jeff Carlson of Parcap and Mr. Gil Tenzer of Contrarian Capital.

The acquisition includes a mix of partially improved at curb & gutter and finished lots:

LOT SIZE

R1-7 60’X115′

R1-8 75’X120′

R1-12 90’X130′

FINISHED

56

39

15

PARTIAL IMPROVED

60

77

36

COMMUNITY TOTAL

138

119

51

La Sentinero, located north of the northwest corner of Rittenhouse & Cloud Roads, totals 308 lots on 109.08 gross and 106.49 net acres for a project density of 2.89 density units per acre. The project was platted on November 18th, 2005.

The joint-venture between Parcap and Contrarian Capital acquired the 283 lots transacting today on January 31st, 2008 from KB Homes for $6,831,663. As part of the sale, KB Homes assigned a phased construction bond agreement with the town of Queen Creek, which was postponed in exchange for a lot sale prohibition. As noted in the Vizzda Property Report on the transaction, Ryland is bound by the same lot sale prohibition agreement but recently submitted the following plans to the Town of Queen Creek:

This is just a glimpse of the detail VIZZDA offers, sign up today for real-time market intelligence by calling Kris Thompson at (480) 383-9310 or at vizzda.com.

By:

Hadden Schifman

Managing Director

Vizzda.com

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