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Stretching from Gladden Farms on the west to Rancho Vistoso on the east, including Dove Mountain in the middle, the Tangerine Corridor lot sales have been brisk over the past few months.

On 10/29/2012 Mountain Real Estate Capital, LLC (Peter Fioretti, CEO) an North Carolina based company under its affiliate MFV-FC Portfolio, LLC acquired a significant portion of the remaining land portfolio from Forest City Land Group, including 1,200 residential lots in master-planned communities nationwide in a bulk portfolio sale. Mountain Real Estate plans a seven-year hold that includes reselling lots to national homebuilders such as Richmond American, Lennar, Ryan, DR Horton and Maracay Homes. The estimated finished lot values reportedly exceed $65 million.

[mepr-show rules=”58038″]The larger projects included Tangerine Crossing in Tucson, AZ, Legacy Lakes in Pinehurst, NC, Woodbury Crossing in Olympia, WA and Summers Walk in Charlotte, NC.

As part of this larger land portfolio, Mountain Capital acquired the last remaining 63 lots at Tangerine Crossing from Tangerine Road Associates for about $2.7 million, or approximately $42,400 per lot. All 63 lots were fully developed and held option agreements with builders such as Maracay, Richmond American and Meritage Homes.

On 1/31/2013, Mountain Capital through its affiliate MFV-FC Portfiolio, LLC sold 23 lots at Tangerine Crossing to Maracay Homes for $1.5 million, or $65,250 per lot. Maracay is building a total of 85 homes at Sunrise Ridge at Tangerine Crossing; a rolling option that began December, 2010.

Maracay Homes in Tucson, AZ is a private company established and incorporated in Arizona in 2006.

On 1/31/2013, Mountain Capital through its affiliate MFV-FC Portfolio, LLC also sold 17 lots to Richmond American Homes (NYSE: MDC) at Tangerine Crossing for $1.028 million, or $60,470 per lot. Richmond is building a total of 92 homes at Premier of Tangerine Crossing.

Richmond American Homes is the home building subsidiary of M.D.C. Holdings, which also offers financing and home building in eleven states.

Will White of Land Advisors Organization of Tucson handled the Tangerine Crossing transactions for MFV-FC Portfolio.

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Pulte Home Corporation (NYSE:PHM) paid[mepr-show rules=”58038″]$2.008 million ($20,000 per lot) for approximately 100 platted lots at Dove Mountain in Marana for the new Del Webb at Dove Mountain Active Adult Community where it plans to build approximately 650 homes on 208 acres when complete. The 22.13 acres purchased consists of a portion of Los Saguaros and Dove Mountain Resort Lots that closed in two transactions. This is the first phase of a five phase option agreement with Cottonwood Properties, Inc. and DM Phase IV Investments, LLC (David Mehl, CEO).

Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community will be located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and will reportedly have a mixture of 40′, 50′ and 60′ lots.

Pulte Home conducts operations in 58 markets throughout 28 states. This will be the second active Del Webb community in the Tucson area; the other being Del Webb at Rancho Del Lago in Vail. Pulte through Del Webb is currently marketing three communities in the Phoenix valley.

“We are excited to bring the Del Webb brand to Dove Mountain, ” said John Chadwick, PulteGroup Southwest Are President. The timing is ideal as the Tucson Market is strengthening with housing demand outpacing supply. This will truly be a unique active adult community with its intimate size, sought-after location and physical beauty, all surrounded by fantastic recreational amenities.”

Within a day of posting a “coming soon” sign on the property this month, Del Webb received nearly 100 inquiries.

Cottonwood Properties of Tucson is privately owned and the original developer of the 6,200 acre Dove Mountain community in Marana, Arizona. In addition to the many neighborhoods within Dove Mountain, Cottonwood developed The Ritz-Carlton Resort, Residences and Golf Club – home to the Accenture Match Play World Golf Championships. Cottonwood was represented in this transaction by Bob Hadd of the Hadd Company of Oro Valley; Pulte represented itself.

To find out more from Pulte Homes contact Jacque Petroulakis, Public Relations Director at (480) 391-6169. Bill Hallinan, Vice President at Cottonwood Properties can be reached at (520) 299-8424. Contact Bob Hadd of the Hadd Company at (520) 403-2812.

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On February 12, 2013, Roland E Johnson of Hialeah, FL sold two duplexes at 4440 –4444 East Pima St., Tucson, AZ 85712 for[mepr-show rules=”58038″]$352,000 ($64 per foot), or $88,000 per unit, to Vijaya & Vidya Sagar Chada of Tucson. The two 2,744 sq. ft. buildings, on separate tax codes (122-12-300C & 300E), are on a 22,080 sq. ft lot zoned R-2 (built 1997).

The seller purchased the properties separately in 2001 and 2002 while living in Tucson for a total of $391,000 ($71.25 per foot), or $97,750 per unit.

The 1,372 sq. ft units are 3-bedroom / 2-bath town homes in two-stories located in a small gated community in Central Tucson, between Belvedere Ave and Catalina Ave. west of Swan. Amenities include tile floors on the first floors and carpeting upstairs, a master suite with private bath and large vanity, tiled showers with dual shower heads, private access to covered patios, high ceilings and fireplace in living room.

There was one vacant unit at time of sale with an asking rent of $1,000 per month. Hussein Alsaidi of Absolute Realty in Tucson is the leasing agent.

Hussein Alsaidi of Absolute Realty was the listing agent representing the seller and Bette David-Arnold of Tierra Antigua Realty was the selling agent who represented the investor.

Vijaya and Vidya Cada can be reached at (520) 629-4882. Contact Hussein Alsaidi of Absolute Realty at (520) 808-7439. Bette Davis-Arnold of Tierra Antigua Realty is at (520) 688-8222.

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