TUCSON, ARIZONA – The Estates at Old Spanish Trail closed out its final lots to DR Horton. Cornerstone Homes at Old Spanish Trail (Buddy Parks, manager) sold its final lots in this Vail subdivision in two transactions.
DR Horton bought 8 SFR lots from Cornerstone Homes at Old Spanish Trail for $700,000 ($87,500 per lot). The lots were finished and sold directly to DR Horton ready to build.
Another 35 partially developed lots with common area sold to Forestar (USA) Real Estate Group for $1.1 million ($31,428 per lot). Forestar will finish these and land bank for DR Horton in this 115-lot subdivision.
Thrac Paulette represented the seller, Cornerstone Homes at Old Spanish Trail in both transactions.
Forestar (USA) Real Estate Group also acquired another 134 lots at Hanson Ridge in Vail, Arizona for $6.84 million ($51,045 per lot). The seller was Vail UPRR South, LLC, an affiliate of the Ashland Group (Duff Heron, manager). Forestar will finish and land bank these for DR Horton as well.
Forestar Group Inc. is a residential lot development company with operations in 50 markets in 21 states and is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002.
For more information, Paulette should be reached at 520.904.5055.
To learn more, see RED Comps #7783, #7835, and #7755.