TUCSON, ARIZONA — LGI Homes closed on another 214 lots in the north Marana submarket of Tucson. The property was located at the NWC of Barnett and Sandario Roads. The pre-platted lots were purchased for in bulk for $8,500,080 ($39,720 per lot). The stand-alone parcel was purchased from an entity managed by Susan Ong of Marana. The Ong Family are significant landowners in the north Marana area, dating back many decades. The family has been involved in a variety of real estate activity throughout Tucson over many years.
This is LGI’s second transaction with the Ong Family in this area. The first was a subdivision known as SC Ranch that they purchased in 2020 and is approaching buildout. LGI Homes continues to be active in specific areas of Tucson and closed recently on more lots in the Star Valley MPC in southwest Tucson.
Information on the first transaction can be found here.
North Marana continues to see a large amount of investment from homebuilders and industrial developers. The area has grown significantly in its overall market share of permits and closings in the past 18 months and has some key projects estimated to open in the next 12 months. The area is also seeing some of the fastest industrial and retail expansion in the Tucson Metro area
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and represent the Ong Family on their residential land in north Marana.
“Key parcels are hard to secure in north Marana and come at a premium," said White. "This is an excellent property and very well located. It allows LGI Homes to continue their success in the immediate area. North Marana continues to build on its momentum year after year and, with the addition of new employment and retail services, the next 12-18 months look to be extremely active there.”