TUCSON, ARIZONA -- Ocotillo Ridge (Tucson) ASLI IX, LLC along with Mark Voigt and Dave Rogers of Voyager Investment Properties in Phoenix closed on 217 acres in the Santa Rita foothills area of southeast Tucson for $2.85 million($13,134 per acre).
The seller in the transaction was H&A LLC, (Charlie Trayers, Manager). Located on south Houghton Road at the base of the Santa Rita mountains, the property is in The Corona de Tucson submarket and home to several active projects, including Santa Rita Ranch, Sycamore Vista, and Sycamore Canyon.
The new group is underway with a new subdivision plat that will maximize the property, planning for more traditional production lot widths and depths. The project will be named Ocotillo Ridge and is estimated to have over 600 lots ready near the end of 2021. Located in the foothills of the Santa Ritas, the property's elevation provides for panoramic views of the city and large corridors of open space. This redesign will produce lots at a time when the Tucson lot supply, especially in the southeast, Vail submarket is rapidly decreasing.
Will White and John Carroll of Land Advisors Organization-Tucson brokered the sale and will handle the marketing of the lots to homebuilders with an estimated availability date of Q4 2021.
"Demand for lots in the southeast continues to heat up and projects like this, which can be redesigned to maximize yield and costs efficiencies, will fill a huge gap as builder demand continues to outstrip supply," White commented. "Added to it, the elevation and premium city views from this property along with the fact that it is located in Vail School District are big, positive attributes important to the area’s homebuilders."
For more information White and Carroll should be reached at 520.514.7454.
To learn more, see RED Comp #8362.