TUCSON, ARIZONA -- Lennar Arizona, Inc. recently purchased an additional 78 lots at La Estancia. Lennar paid $5.2 million ($65,000 per lot) for the finished lots (40’X115’). This acquisition comes as a follow up to Lennar’s purchase of 97 lots earlier this year in February.
The seller in this transaction was Sunbelt Holdings.
La Estancia, a 556-acre master planned community, is widely recognized as one of Tucson’s best performing large communities. La Estancia offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use. This new phase will advance development south of Camino Boleadoras and include a new amenity package as well.
Greg Mohl, Vice President of Sunbelt Holdings said, "This latest transaction with Lennar completes the acquisition of the most recent phase of La Estancia. With the continued, high demand for lots at La Estancia, we are focused on completing the engineering on the next phase. We anticipate additional lots ready in the second half of this year.”
The transaction was handled by Will White and John Carroll of Land Advisors Organization.
Will White of Land Advisors-Tucson commented, "La Estancia is in full stride. The master-plan has become one of the best addresses in the Tucson metro market. The project continues to provide seamless “plug and play” lot inventory to Tucson homebuilders allowing them to continue their record success.”