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Richmond American Homes of Arizona (Michael Del Castillo, Regional Vice-President), a wholly owned subsidiary of M.D.C. Holdings of Delaware (NYSE:MDC), bought 40-lots at Oasis Hills II in Marana from Red Point Development (Daniel Leung, President) for[mepr-show rules="58038"]$810,000 ($20,250 per lot). Located southeast of Camino De Manana and Oasis Road in Marana, the lots were platted and engineered at time of sale with an average lot size of 5,420 sq. ft.
Richmond will join builder, D.R. Horton, in this Northwest subdivision. D.R. Horton began building in June 2012 after buying 83-finished lots with an average lot size of 6,277 sq. ft. for $42,000 per lot.
M.D.C. Holdings, Inc. was founded in 1972 and is based in Denver, Colorado. M.D.C. reports in their 2012 Annual SEC report:
“As a result of our strategic initiatives and a recovering housing market, we achieved full year profitability of $62.7 million for the year ended December 31, 2012, which represented four consecutive quarters of operating profits and more than a $160 million improvement in our net income over 2011. Our favorable results were largely attributable to better operating profits from our homebuilding segment, which experienced significant revenue growth as well as operating margin expansion. In addition, our financial services segment profit increased considerably as we took advantage of favorable mortgage market conditions, including higher volume and margins for our mortgage loan products.”
Presidio Engineering of Tucson (John Wood, President) provided the civil engineering services for preliminary and final plat preparation of the new 40-lot residential subdivision on 9.89 acres, zoned “F” in the Cascada Specific Plan and MDR (Medium Density Residential) in Marana. Engineering of the lots included mass grading plan, paving and sewer plan, water plan, a Storm Water Pollution Prevention Plan (SWPPP) and construction observation.
Dan Feig of Chapman Lindsey in Tucson represented the seller in the trasaction.
Del Castillo can be reached at (520) 229-5454. Leung is at (520) 408-2300. Feig can be contacted at (520) 747-4000.[/mepr-show]