TUCSON, ARIZONA – Richmond American Homes has acquired an additional 74-lots at La Estancia for $4.023 million ($54,360 per finished lot). The 45’ wide lots are the next phase of current offering with Richmond that is priced at $1,208 per finished lot frontage.
Richmond is finishing its first 99-lots that started in 2017, and this is the second phase of an option agreement with Sunbelt Holding, the developer of La Estancia.
La Estancia, a 556-acre master planned community, offers master-planned living in this prime southeast submarket. Centrally located just off of I-10 and Wilmot Road and nearby some of Tucson’s most prominent employment centers including Raytheon Missile Systems, Davis Monthan Air Force Base, U of A Tech Park and the Tucson International Airport. Residents benefit from community amenities including a sparkling pool, splash pad, shaded ramadas and play equipment, ready for use.
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and seller.
“La Estancia has started the year strong once again,” said White. “The project is known as one of the Tucson market’s best performers and in 2019 will go from 2 to 3 homebuilders up and running. We expect to see even stronger sales and home pricing out of this project this year. From the inventory standpoint, we only have a couple blocks available this year for 2020 community openings and we expect those to be picked up by homebuilders in the next few months. At the price point and location, this project continues to check all the boxes that homebuilders are looking for.”
White and Carroll also handle all the marketing at La Estancia for Sunbelt Holdings.
For more information, White and Carroll should be reached at 520.514.7454.
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