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:


R1-7 60’X115′

R1-8 75’X120′

R1-12 90’X130′













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


Hadden Schifman

Managing Director

That’s the Last of It — Two Builders Acquire the Remaining Bank-owned Lots at Bridges at Gilbert

VIZZDA—March25th, 2013 — Marking an end to the bank-owned bulk lot inventory for Bridges at Gilbert, Lennar and Shea Homes acquired a total of 187 partially improved lots. Bridges at Gilbert is located east of the southeast corner of Queen Creek & Higley Roads in the Town of Gilbert.  Both builder’s paid additional sums per prior joint development agreements and lot improvement reimbursements. The homebuilders purchase is as follows:

  • Lennar Homes
    • Phase 1 , Parcel 3 
    • 88 Partially improved lots in an 88 lot parcel
    • Average dimensions: 55’X110′ or 6,050 SF lot area 
    • Platted September 15th, 2006 
    • 19.66 gross/14.68 net acres (3.5 DU/AC)
    • Zoned SF-6 
    • Town of Gilbert indicates minor development standards to be amended soon.
    • Sales Price: $6,413,000 / $72,875 per lot / $1,325 per FF
  •  Shea Homes 
    • Phase 1 , Parcel 5
    • 99 partially improved lots in a 99 lot parcel 
    • Average dimensions: 45’X102′ or 4,590 SF lot area
    • Replatted March 11th, 2013
    • 16.82 gross/13.8 net acres (3.5 DU/AC) 
    • Zoned SF-D 
    • Originally platted as “Z” lots in 2006.
    • Sales Price: $5,680,125 / $57,375 per lot / $1,275 per FF

The seller was an entity formed by Wachovia/Wells Fargo Bank with Mr. Marc Curtis (VP) as signatory for Wells Fargo in North Carolina. Wells Fargo, as successor to Wachovia acquired all of phase 3 (88 lots), phase 4 (72), and phase 5 (99 lots) through trustee sale January 4th, 2010 for a $5.4M credit bid; foreclosing on $22.2M original debt. Elite Homes had previously purchased phases 3, 4, & 5 (259 platted lots) on December 18th, 2006 for $19.8M – sold by the Nicholson Company. Phase 4 of Parcel 1 was purchased.


Hadden Schifman

Managing Director

Taylor Morrison Buys 351 Lots in Tierra Del Rio

Vizzda — October 15, 2012 – Taylor Morrison purchased 351 lots from Pulte group within the Tierra Del Rio community in Peoria for $11,276,500, $476.51 per front foot or $32,127 per lot. A purchase agreement dated 6/20/2012 declared a portion of the sales price was deferred, and carried by the Pulte Group in a note that was recorded with the sale. 

The 351 lots in 4 parcels on 216.6 acres is part of the 2,102 lot, 994 acre community zoned with a PAD. Of the 351 lots, 141 lots measure 75′ x 130′, 154 lots 65′ x 120′, 56 lots 55’x120′. The community is east of the northeast corner of Loop-303 & Happy Valley Rd.


Daniel Alpers

Director Planning & Municipal Solutions


KB Homes Purchases 56 Finished Lots in Cooley Station at $58,300 Per Lot

VIZZDA—October 5th, 2012—Entities formed by Irvine, CA-based Dolphin Partners and local Quantum Capital sold a total of 56 finished lots in Cooley Station for $3,264,800. The transaction was split in two sales

  • 15 Lots for $874,500
  • 41 Lots for $2,390,300

KB Homes acquired the lots per a prior purchase agreement dated July 26th, 2012 and requested to transfer home plans at the City of Gilbert, found here.

Cooley Station is located in Gilbert—West of the Northwest corner of Pecos and Recker Roads. The subject lots have a minimum of 40’ x 98.5’ and are zoned SF-6. Forty-five of the lots are located in Phase II which totals 227 lots, and eleven of the lots are in Phase I which totals 322 lots. This acquisition consists of the remaining finished lot inventory in both Phase I and Phase II.

Quantum and Dolphin previously purchased the lots in two transactions—acquiring the subject 41 lots from Saybrook on September 17th, 2010 for $1.23m. The remaining 15 lots were purchased in a bankruptcy sale April 4th, 2011.

D.R. Horton Purchases Distressed Lots and Spec in Hurley Ranch for $2.15M

VIZZDA — September 21, 2012 — D.R. Horton purchased 70 Finished Lots measuring 45’ x 110’ plus an additional 5 speculative homes for $2,150,000. Two of the seventy lots are at foundation, though the buyer indicated that these improvements would be demolished. The five speculative homes were built between 2007 to 2008 and average 2,100 SF. No value per front foot is provided given the inclusion of improved speculative homes. Hurley Ranch is located in Southwest Phoenix in the Tolleson Area, S/SEC 91st Ave & Lower Buckeye Road. The subject lots are all within Parcel 3, which totals 135 lots on 27.6 acres zoned R1-6.

The seller was Atreus Homes, formerly known as Homelife Communities based in Atlanta, GA–their company webpage is presently unavailable. Atreus previously acquired all 135 lots of Parcel 3 from Standard Pacific on February 27th, 2007 for $7,897,500 or $1300 per front foot. Atreus put $2,047,500 down to secure the property. The subject lots were noticed for trustee sale at the time of D.R. Horton’s purchase, pending auction October 19th, 2012. RBC Bank USA was the beneficiary, foreclosing on $40M LOC debt loaned February 27th, 2007. Notice was recorded December 16th, 2011 with the auction originally set for April 12th, 2012. 


Paul Dionne

Director of Analytics

Paulson and Co Continue Lot Acquisition in Rancho Cabrillo with $4.5M Acquisition

VIZZDA—September 14th, 2012 — John Paulson’s Paulson & Co purchased 194 finished lots in Rancho Cabrillo for $4.5M, which constitutes a per unit price of $23,196 per lot or $422 per front foot. The seller was Stearns Bank. Paulson acquired through an agent, Mr. David Hewitt of Raintree Investments. Rancho Cabrillo is located in Peoria, West of the Southwest corner of Jomax & Dysart Roads.

All 194 lots are within parcel “D” of Rancho Cabrillo and measure 55’ x 115’ (6,000 square foot minimum). The parcel totals 256 lots on 72.21 acres zoned R1-6. The remaining 62 lots within Parcel D are all owned by an entity tracing back to Paulson- who acquired the lots as part of their purchase of Tousa in 2010.

Stearns Bank previously acquired the subject lots February 11th, 2010 at trustee sale as beneficiary for $6.301M credit bid, after being assigned the original $17.07M note in a FDIC structured loan sale April 6th, 2009.


Paul Dionne

Director of Analytics

Regent Properties Sells 91 lots in Greer Ranch North In Two Transactions Over 3 Weeks

Regent Properties of Arizona sold 49 finished lots to Richmond American Homes of Arizona for $2,337,300 within the Greer Ranch North community, located South of the Southwest corner of Reems and Catus Roads in Surprise.

The 49 lots in Phase I that conveyed average 53′ x 115′. The Greer Ranch North community consist of two phases. Phase I totals 411 lots on 127.75 gross acres, Phase II totals 467 lots on 128.48 gross acres; totaling 878 lots on 256.23 gross acres.

This sale comes on the heels of Regent Property’s recent disposition 42 other lots in Phase I (all measuring 63′ x 115′) to Gehan Homes on August 20th, 2012 for $2,381,400 or $900 per front foot. Regent originally acquired the property in November of 2008 as 620 lots in Phases I & II of the community for $9,384,171.


Dan Alpers

Director of Municipal Outreach