MARANA, ARIZONA (September 15th, 2023) -- Meritage Homes closed on the 150-lot Summerstone plat in the infill area of Continental Ranch. Meritage paid $4,500,000 ($30,000 per lot). Coachline 2020, LLC, an affiliate of Crown West Land Group - Dean Wingert, President, sold the lots. The transaction closed on September 11, 2023.
The new community of Summerstone consists of 41 acres fronting Coachline Boulevard, close to the Continental Ranch master-planned community in the northwest submarket. The lots are less than two miles from major retail services and less than three miles from Interstate 10 and the Tucson Premium Outlets. The project sold partially graded and platted for 150 - 40’x120’ residential lots. It also features an extraordinary amount of open space, with over 11 acres planned for pocket parks and walking trails.
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction.
The closing looks to be the first in several new acquisitions by Tucson homebuilders as the housing market continues to outperform initial forecasts in 2023. It has been expected that a wave of new lot development will be needed for 2025 and 2026 to resupply the expected sellout of current Tucson communities.
"The Tucson housing market has exceeded expectations in 2023, both in pricing power and pace. It continues to gain momentum, and the historic supply shortage is proving to be deeper than most thought," White commented. "Meritage has continued to be very proactive in its business planning and has positioned itself well to expand its multi-year pipeline in Tucson. The race is on for 2025.”
For more information, White and Carroll should be reached at 520.514.7454.
To learn more, see RED Comp #10887.