Meritage Homes Chooses La Estancia MPC Green Parks and Amenities
Scottsdale-based Sunbelt Holdings announced the closing of the first 195 lots within their La Estancia master planned community to Meritage Homes, the eighth-largest public home builder in the United States. Sunbelt Holdings will begin development on 115- 45’x110’ lots and 80- 50’x110’ lots in early August in preparation for a Meritage Homes’ model completion and community grand opening in early 2016.
The lots commanded a sale price of $2.2 million ($11,282 per platted lot) for land value.
The 565-acre La Estancia community is centrally located along the I-10 and within close proximity to the University of Arizona, the Davis-Monthan Air Force Base, Tucson International Airport and within the highly-ranked Vail School District, will include up to 2,500 homes at build out in the southeastern submarket of Tucson.
“We are pleased to announce the sale of the first 195 lots within the La Estancia master planned community to Meritage Homes,” said Sean Walters, chief operating officer of Sunbelt Holdings. “It is exciting to bring such a high-quality builder to the community and we appreciate all the efforts of the city of Tucson’s development services team who were instrumental in the transaction.”
Upon grand opening, Meritage Homes’ residents at La Estancia will surround the community’s planned community park and great lawn, envisioned as the hub of connectivity and community gathering; a community pool, with a children’s splash pad, covered ramada, picnic tables, outdoor showers and restrooms; and tree-lined streets that will create a timeless sophistication and modern charm.
“We are proud to add La Estancia to our existing collection of Tucson communities,” said Jeff Grobstein, Meritage Homes’ regional president. “We were drawn to the La Estancia community because of its’ centralized and accessible location, thoughtful land plan, and distinctive design.”
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and represented the seller.
La Estancia’s first phase of 258 lots includes an additional 63 lots sized at 65’x110’ that Sunbelt Holdings will continue to market to home builders. La Estancia is among three Tucson-based communities that Sunbelt Holdings will develop. Other Tucson communities include the 550-acre Sendero Pass community and the 1,598-acre Sycamore Canyon community.
Sunbelt Holdings has been a recognized leader in real estate development, management and investment throughout the Southwest since 1979. Over the years, the firm has gained an understanding of the area’s unique characteristics that only time and experience can teach. Sunbelt entered the local market more than 30 years ago with a strong presence in commercial development and asset management. Early projects like the Phoenix Gateway Center remain successful icons. Recent acquisitions of turn-around assets have provided unique opportunities to add value in the ‘Class A’ office market with the Marina Heights project in Tempe, and the PV|303 industrial project in the West Valley. Sunbelt also developed some of the Valley’s most beloved residential communities including McDowell Mountain Ranch in Scottsdale, Power Ranch in the East Valley and Vistancia in the Northwest Valley. In all, Sunbelt has developed more than 50,000 acres of land during the past 30 years. For more information, please visit www.sunbeltholdings.com
To learn more White and Carroll should be reached at 520.514.7454.
For additional information see also RED Comp #3157.