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The infill property, known as the “Donut Hole” at Rancho Vistoso in Oro Valley, so named because of the way the golf course wraps around it, was purchased by True Life Communities a private company of San Ramon, CA (Taber Anderson, CIO). In August 2012, the developer purchased 168 acres for $10 million (about $60,000 per acre) and recently acquired an additional 26 acre out piece for[mepr-show rules="58038"]$3.44 million, (about $132,000 per acre) as part of the ‘Donut Hole’ project.
Arizona Vistoso Return, LLC an entity of Armed Forces Bank of Kansas City, MO (David Frances, EVP) sold the first 168 acres to the investor/developer; it was an REO sale. The seller of the next 26 acres was Vistoso Partners, LLC, a privately-held company in Tempe, AZ (Ashton Wolfswinkel, manager).
True Life Communities has assembled 194 acres, and reportedly has 70 acres designated for open space, for a total of 124 net acres for development of roughly 400 residential lots ($33,600 per lot).
Will White of Land Advisors Organization of Tucson handled both transactions for the developer and has been retained to co-manage the marketing and homebuilder sales for True Life Communities. Discussions with several homebuilders for platted and engineered lots has already begun with the True Life Team.
The Real Estate Daily News on Feb 27, 2013 reported “Rincon Knolls Goes For $6.1 Million”, please see this related transaction for more information.
Taber Anderson can be reached in the Phoenix office at (602) 626-8777. David Frances of Armed Forces Bank is at (816-472-0081 ext. 26076. Ashton Wolfswinkel at Vistoso Partners can be contacted at (480) 831-2000. Will White of Land Advisors is at (520) 514-7454.