Rincon Knolls Goes For $6.1 Million
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On February 15, 2013 TTLC Rincon Knolls, LLC an affiliate of The True Life Comunities (Taber Anderson, principal & CIO) of San Ramon, CA purchased the Rincon Knolls subdivision comprising 502 single family platted residential lots on 172.6 acres for[mepr-show rules=”58038″]$6.1 million, or about $35,000 per acre, from Wyconzona, Inc. (John Williams, President) of Casper, WY.
Located northeast of Mary Ann Cleveland Parkway and Red Iron Trail, adjacent to the Pantano Wash and Cienega Creek Natural Preserve, the site was originally within Pima County. The seller, Wyoconzona, Inc. began annexing the site into the City of Tucson in 2004.
The subdivision sold platted for a Residential Cluster Project (RCP4) in accordance with the City of Tucson. Taber Anderson, who is spearheading the acquisition for True Life stated, “The company hopes to change the existing plat to a reduced density that would create more desirable lots for today’s real estate market. Our goal is to enhance the original design and tailor it to better capture and enhance the views and natural beauty of the site.”
True Life Communities, formerly known as Americap Development Partners, changed its name in February 2011. A privately held real estate development company, its activities include land development, consulting and construction. With several projects in various stages of development throughout California, Colorado and Arizona, the company is actively pursuing additional properties with a focus on first-class residential builders in the Tucson market.”
In August 2012, True Life acquired 168 acres at Rancho Vistoso Master Planned Community in Oro Valley for $10 million, for the development of approximately 400 residential lots. This infill property, known as the “Donut Hole”, due to the way the golf course wraps around it, offers premium golf course frontage and natural open space similar to that found at newly acquired Rincon Knolls.
“Arizona is experiencing a shortage of housing”, Taber added. “A private research study we commissioned for Metro Tucson Area reveals that while resale inventories have dropped and foreclosures declined, a corresponding rise in new home sales was reported. Homebuyers are now moving toward new construction, but homebuilders don’t have that land bank on hand, having diminished their inventory over the downturn, nor are they in a position to obtain it quickly, even though building permits are up. That’s where we step in to fill a void.”
Will White of Land Advisors Organization of Tucson has been retained to co-manage the marketing and home-builder sales process with True Life Communities. Discussions with several homebuilders to acquire platted and engineered lots has already begun with the True Life Team. White also represented the seller in this transaction.
Contact Taber Anderson in the True Life Phoenix office at (602) 626-8777. Bob Keefe, Managing Consultant for Wyconzona is at (520) 404-2717. Will White of Land Advisors Organization can be reached at (520) 514-7454.
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