Richmond American Nabs Another 117 Home Sites at Mountain Vail Estates for $3.99 Million

TUCSON, Arizona — Richmond American Homes, a subsidiary of M.D.C. Holdings, Inc. (NYSE: MDC) purchased 41-platted and engineered lots at Mountain Vail Estates in southeast Tucson for $1.25 million ($30,482 per lot). Richmond has been open and selling homes here since March, after closing on the first 50-lots. This was phase two of the option agreement.

The seller had re-platted the lots and were reported to be about 80 percent 50’x 115’ and 10-15 percent 60’ wide lots in Mountain Vail Estates, a 155-acre community in southeast Tucson with a 7.5-acre park and Esmond Station K-8 school in the award-winning Vail School District, that opened in 2014. Richmond has two models it is offering here.

Richmond has been staying proactive in the Tucson market and now represents about 37% of the total lots sold to homebuilders during the first half 2017.

In a separate transaction, Richmond bought an additional 76 P&E lots also in Mountain Vail Estates for $2.74 million ($36,000 per lot).

Rick Morris, Richmond American Director of Land Acquisition in Tucson, told us the 21-lot subdivision off Chevrolet Ave., located near the school, sold with a 55 P&E lot subdivision south of Old Vail Connection Road and Chevrolet Avenue. The 21-lots were re-platted by the seller and the 55-lots are a newly platted subdivision. This latest expansion to Mountain Vail Estates has 60’ x 120’ lots on average and is expected to open Q1 2018.

Since 1977, MDC’s homebuilding subsidiary companies, which operate under the name Richmond American Homes, have built and financed the American dream for more than 190,000 homebuyers. MDC’s commitment to customer satisfaction, quality and value is reflected in the homes 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, Northern Colorado,  Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Northern Virginia, Orlando, Jacksonville, South Florida and Seattle. MDC’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. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol “MDC.” For more information, visit MDCHoldings.com.

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