Oro Valley 9.76 Acres Purchased for New Luxury Rental Community

ORO VALLEY, ARIZONA – Linda Vista Luxury Rentals, LLC an affiliate of Tucson-based Aerie Development (Roger Karber, chairman) purchased 9.76 acres of commercially zoned land at Linda Vista and Oracle Road in Oro Valley for $2.6 million ($6.00 PSF).

The real estate developer plans to construct one-story fourplexes with a total or 64-units being called Oro Valley Villas on approximately 6-acres on the site and two commercial pads for resale at each end of the property.

Aerie is well known for exemplary communities that achieve optimal benefits for all shareholders, from tenants to investors, lenders, neighbors, contractors, government and staff.

CBRE Market Research recently reported that investors and developers in 2020 should consider smaller metros (e.g., less than 2 million population) for multifamily investments. While liquidity and overbuilding risks are generally higher in smaller markets, there are several metros with exceptional multifamily performance today resulting from favorable supply/demand fundamentals (steady growth over recent years and only moderate development activity). Many smaller metros are undergoing a significant upgrading of their urban cores, thereby improving quality of life and helping them retain talent.

Metro Tucson was one of seven smaller metros that had 4% or higher rent growth as of Q3 2019: Albuquerque, Birmingham, Colorado Springs, Greensboro, Memphis, Dayton and Tucson.  CBRE reported they are likely candidates for outperformance in 2020.

For full report CLICK HERE

Richard M. Kleiner, MBA, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented both the buyer and seller, and investment group, Oracle Vista, Inc. in which he is also a principle. Kleiner continues to represent the buyer in the sale of the two commercial pads.

For more information, Kleiner should be reached at 520.546.2745.

To learn more, see RED Comp #7401.

 



LandSea Homes Bolsters Arizona Homebuilding Portfolio by Acquiring Garrett Walker Homes

Expansion positions Landsea Homes to be one of the leading homebuilders in Arizona; Newly-acquired submarkets complement current Landsea Homes communities; Best-in-class homes set in locations surrounded by world-class companies and recreation

Newport Beach, Calif. – Landsea Homes, a leading homebuilder and developer of vibrant master-planned communities in prime locations, announced it has acquired Garrett Walker Homes, a Phoenix-based homebuilder providing unique, high-quality, value-based single-family homes in 18 Phoenix-area communities.

“Garrett Walker Homes’ team includes high-quality people who understand the value of providing quality homes and unmatched, outstanding customer service throughout the valley, and we are very pleased to have them join the Landsea Homes family,” said John Ho, chief executive officer, Landsea Homes. “The Garrett Walker Homes brand will continue in Arizona and the combined presence with our current Landsea Homes portfolio will greatly strengthen our reach in this market.”

Ho added, “This acquisition provides unique, value-based single-family homes in the north and west areas of metro Phoenix, and expands our portfolio in one of the nation’s strongest housing markets.  We look forward to continuing to provide best-in-class homes and superior care to the Phoenix homebuyer.”

Landsea Homes entered the Arizona market just two years ago with a land purchase for their first community. Since that time, they have steadily acquired additional lots to boast 19 communities and more than 1,400 lots in Arizona. Today’s acquisition adds 18 communities (nine actively selling) and more than 1,700 total lots to that portfolio, making Landsea Homes one of the top homebuilders in Arizona.

“Our strategic focus continues to be creating communities in highly-desirable markets across the United States, and we are very bullish on Arizona,” explained Ho.  “With a robust local economy and continued job growth, the area is attracting new residents, and providing opportunities for current home owners to expand to accommodate their growing families.”

Phoenix enjoys one of the most robust economies in the country and is one of the top cities for finding a job, according to a recent report by Forbes magazine.  With a net employment outlook of 23%, calculated by analyzing the percentage of employers anticipating increased hiring activity during the first quarter of 2020 and subtracting the percentage of employers expecting to see an employment decrease at their location, Phoenix tied for eighth place nationwide.

To capitalize on Arizona’s business-friendly environment, recent companies such as Nationwide Insurance, Deloitte, and Voya Financial moved to the highly-sought location as well as Nike with its third U.S. manufacturing plant on the west side of metro Phoenix, bringing more than 500 jobs.

“The more we interacted with the senior leadership team at Landsea Homes, the more we were convinced that they were the perfect steward to carry on the legacy of Garrett Walker Homes,” said Jeff Garrett, Chief Executive Officer of Garrett Walker Homes.  “They are veteran homebuilders who have created an exceptional culture and uncompromising commitment to outstanding customer service and dedication to providing best in class housing opportunities across the country.”

A national homebuilder, Landsea Homes is currently creating award-winning homes in Boston, New York City metro, northern California and southern California in addition to Arizona. Landsea Homes builds a variety of energy-efficient, sustainable homes that fit the diverse wants and needs of today’s homebuyers, including suburban single-family detached and attached homes, urban mid and high-rise homes and master planned communities.

For more information, please visit www.landseahomes.com.



Prescott’s Whispering Canyon Community Nears Close-out on Phase 3 and 4

Sales surged in 2019 for spacious custom lots, new homes; leaving 30 remaining available lots in highly desirable Prescott master-planned community

PRESCOTT, ARIZ.– Whispering Canyon, a master-planned community nestled in the high desert of Prescott, Arizona, adjacent to Granite Mountain and surrounded by Prescott National Forest, is nearing close-out of its two open phases.

Currently available phases of the community experienced an unprecedented swell of home and ready-to-build lot sales in 2019. The luxury lifestyle community, located at Whispering Canyon Drive and Williamson Valley Road, has 30 remaining lots available between its non-gated Phase 3 and its gated Phase 4.

Newly constructed homes are available in four floorplan options ranging in size from 2,100 SF with two bedrooms and a den to 2,550 SF with three bedrooms, an office and 2.5 baths. Each new home in Prescott’s Whispering Canyon community includes an attached finished three-car garage.

Currently, a two-story 2,800+ SF model is available for sale. Prices range from the low $500,000s to the $700,000s. Currently there are a limited number of “move-in ready” new homes available.

Spacious custom lots are also available throughout the community for buyers looking to have their dream custom home built. Each lot was positioned to offer privacy and unequaled views while providing a sense of community and a sense of immersion into the natural surroundings.

New home sales at Whispering Canyon are being managed by the Norkus Group in Prescott, which has sold all of the new homes built in Whispering Canyon in 2019. The community is expected to be sold out of its inventory by very early summer 2020.

“New home and lot sales have been very active in 2019 at Whispering Canyon, exponentially exceeding previous year’s sales and bringing us to the point of near sell-out for the two currently available phases,” said Cole Johnson, developer of Whispering Canyon. “People are relocating from areas like California, Washington, Texas and Canada as well as elsewhere in Arizona because they appreciate the value, amount of land, and size of home they can get for their dollar here in Prescott.

“It’s ideal for retirees as well as for families looking for a second home or wanting to move to a smaller community where their dollar goes much further – it’s a great way to downsize on your mortgage and home costs while simultaneously increasing your acreage with all of the benefits of a new home. Our buyers are recognizing the value and quality experience they get here,” Johnson said.

Recognized for craftsmanship, quality materials and state-of-the-art technology, new homes in Whispering Canyon offer numerous features, from the paver drive and architectural stone exterior to the outdoor living patios with amazing mountain views. Each semi-custom home floorplan has a spacious great room with formal dining, designed to capture natural light and views and showcases the 10-foot ceilings as well as designer tile flooring, carpet, and interior colors for buyer selection.   The great room has access to a covered patio and kitchens feature stainless appliances, buyer select cabinetry, granite counter island, pantry, and breakfast bar or nook. The master bedroom provides a welcome retreat with luxury en-suite walk-in shower, double vanity and walk-in closet. Flexible floorplans include second master suite, guest bedrooms, office and full bath plus additional powder room options.

Whispering Canyon’s exterior combinations of stucco, stone, timber and tile rooftops create an eclectic mix of styles including Tuscan, Spanish, Ranch, Territorial and Craftsman-Bungalow. Buyers can customize the home’s exterior and interior to reflect your tastes and lifestyle.

To immediately schedule your opportunity to explore ownership of the homes and custom lots at Whispering Canyon and see the breathtaking natural surroundings schedule a visit. Whispering Canyon is open daily from 11 a.m. to 4 p.m. or you can call (928) 710-0148 to schedule an appointment. Visit whisperingcanyon.com for more information.