Richmond American Homes of Arizona, a subsidiary of MDC Holdlings, Inc. (NYSE: MDC), is buying 56-SFR lots at Madera Highlands Villages in the Town of Sahuarita and recently closed on the first six lots for $483,000 ($80,500 per lot). The roughly one-acre lots were originally developed by the Toll Brothers for luxury home construction and resold to MK Company Southwest of Scottsdale (Keith Holben, principal) during the market downturn.
MK Company Southwest is the seller for the rolling option to Richmond American.
The Madera Highlands Villages at Madera Highlands, Richmond American's newest community in this established masterplanned community, will offer a distinctive collection of single and two-story floor plans. New homes will showcase beautifully appointed exteriors and open, inviting layouts with exceptional included features, such as tile flooring, stainless-steel appliances and granite kitchen countertops.
Since 1972, MDC's subsidiary companies have built and financed the American dream for more than 175,000 homebuyers. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay Area, Washington D.C., Baltimore, Philadelphia, Orlando, Jacksonville, South Florida and Seattle. The Company's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively.
Will White of Land Advisors Organization in Tucson handled the transaction and had this to say, “After the dismantling of the market over the past few years, this transaction shows signs the market is coming back to where it was before the downturn.”
White should be reached at (520) 514.7454 for more information. Richmond American can be contacted at (520) 544.2700.
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[mepr-show rules="58038"]Sale price: $483,000. Sale date: 5/16/2014. Al cash. APN: 304-31-554, 576, 577, 588, 590 & 591. Legal: Lots 13, 35, 36, 47, 49, & 50 Village 22 Madera Highlands: Villages 11 thru 14 and 16 thru 23 bk 59 pg 65.[/mepr-show]