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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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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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