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.
Director Planning & Municipal Solutions
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.
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.
Director of Analytics
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.
Director of Municipal Outreach