D.R. Horton Now Owns All of Saguaro Bloom After Spending $42 Million‏

It cost another $42 million, and is the largest residential land sale for decades in metro Tucson area, but D.R. Horton now owns all of the Saguaro Bloom master planned community located along the western foothills of the Tucson Mountains, north of Continental Ranch in the Northwest submarket. Tucked behind the Twin Peaks, near Rattlesnake Pass, several homes are in varying degrees of construction by homebuilder D.R. Horton.

Originally called called Saguaro Springs by a California development group, Scottsdale-based Grayhawk Development took over the abandoned project through foreclosure in 2009, and has spent the past several years repositioning and enhancing the community. Grayhawk brought in first phase infrastructure and re-platted many of the lots for additional open space, parks and trails.

Much of the land remains bladed and graded, and developers have scaled down the number of lots per neighborhood to allow for the addition of open space, walking trails and playground equipment.

In December 2012 D.R. Horton was the first builder to purchase 265 home sites within Saguaro Bloom and now owns the remaining 575 acres at various stages of improvements for another tentative 2,200 homes sites. The acquisition includes 344 partially improved lots. The rest of the property was block platted and approved for additional 1,853 home sites.

This thoughtfully designed, master-planned community encompasses more than 700 acres with generous open space for a total of 2,462 approved home sites reflecting a variety of tastes and budgets.

The surrounding area’s unique natural appeal includes a regional park system, adjacent Tucson Mountains, as well as the community’s close proximity to significant shopping and dining opportunities for residents to enjoy many nearby conveniences.

Will White with Land Advisors in Tucson and Ryan Duncan with Nathan & Associates in Scottsdale represented the seller, Grayhawk, in the deal.

White has been predicting 2015 to be exciting for the Tucson land market as 60% of the active subdivisions are projected to be sold out by the end of 2015. “Extremely limited lot supply and a tight land supply, combined with a continuing demand by home builders makes the Tucson market unique and holding great promise to builders,” White said. “It is a huge event. It is historically significant and continues to follow the trend that we have seen in large homebuilder acquisitions here in Tucson over the past few years”

To learn more White can be reached at 520.514.7454 while Duncan can be contacted at 480.367.0700.

For additional information see RED Comp #3286.