TUCSON, ARIZONA – Meritage Homes closed on 105 additional lots at La Estancia for $5,788,125 ($55,125 per finished lot) or $1,225 per finished front foot. This is the second purchase for Meritage there in less than 30 days. The lots are 45’x115’ an located on the opposite side of the community from Meritage’s earlier purchases.
In September, Meritage acquired 47 lots of 40’x115’ in size and at $1,208 per finished front foot or $2,257,040 ($48,022 per lot). La Estancia is a 565-acre residential community located along the I-10 corridor between Wilmot Road and Kolb Road, and offers residents access to the nearby Julian Wash trail system.
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and developer, Sunbelt Holdings.
"La Estancia's 2019 performance is extremely impressive,” said White. “Homebuilders continue to purchase lots at record pace which is reflective of their successful home sales and pricing power.”
"We expect 2020 to be a huge year at La Estancia, as momentum continues and new phases are expected to be available. The master-plan's convenient location, price point, proximity to Tucson major employers, and Vail School District have produced exactly the right formula for La Estancia's homebuilders to be successful."
In April, Tenet Healthcare bought land for a micro-hospital site that is under construction at the Wilmot Road entrance of La Estancia. It will provide emergency and lower acuity inpatient procedures, with an around the clock emergency center staffed by board-certified physicians. Similar facilities built by Tenet in Phoenix and Marana have a footprint and design within a 32,500-square-foot building.
For additional information, White and Carroll can be reached at 520.514.7454.
To learn more, see RED Comp #7202.