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

Shea Homes LP Buys 387 Lots in Greer Ranch

Vizzda—July 29th, 2013 — Regent Properties of Los Angeles more than doubled their basis with the sale of their holdings in Greer Ranch North, Phase II for $19,449,941 or roughly $50k per lot. Shea Homes Limited Partnership paid cash for the property and agreed to a per lot payment of $6,175—further enhancing returns for the private real estate investment firm.

The lots are located east of the southeast corner of Sarival Avenue and Cactus Road in Surprise and vary in size from a minimum width of 53’ to a maximum of 63’ placing the per front foot value of the lots in the low $900s. Phase II is comprised of 467 total lots on 128.49 acres zoned PAD. Aerial photography of the site indicates some rough grading with several of the planned horizontal improvements incomplete.

Regent acquired the lots at the height of the financial crisis—November 25th, 2008—paying $9,384,741 in cash for 620 total lots in Phases I and II of Greer Ranch, a paltry $15,136.68 per lot. According to Regent, they acquired “the property as part of a distressed sale from the original developer,” Courtland Homes. The $19,449,941 sale price represents a 107.25% rate of return or 22.57% on an annual basis for a less than fiveyear holding period.


Paul Dionne

Director of Analytics


Fresh to Phoenix, Gehan Homes Buys 49 Lots in Vistancia for $3.969M or $81K/Lot

VIZZDA – August 21, 2012 – Randy Hearne (CFO) represented Stratford Land in the sale of 49 partially improved lots within Vistancia to Texas-based Gehan Homes for $3.969M or $1,350 per front foot. The sale is per a prior purchase agreement between the buyer and seller dated 7/11/12.

The lots are within the Vistancia Village A Parcel G2 subdivision, which is planned for a total of 101 lots on 35.12 acres, a density of 2.87 lots per acre. This land has been partially graded but no other horizontal improvements have been built on the site. Per Stratford, land development will begin in early October. The lots are all 60’ x 120’ in dimension (7,200 SF area). Recorded documents indicate Woodside is the designated builder on the remaining lots within Parcel G2.

Vistancia, located in Peoria North of the 303 and Dysart Rd is a 7,100 acre masterplan community originally developed by Sunbelt Holdings and Shea Homes in 2001. Stratford Land joined in 2009 as an equity partner. This purchase by Gehan marks the second Phoenix acquisition tracked by VIZZDA, refer to our other here.

Hadden Schifman
Managing Director