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Meritage Reloads at La Estancia / Richmond Continues Acquisition Surge this time at Dove Mountain

TUCSON, ARIZONA – Meritage Homes acquired 142 SFR lots at La Estancia having almost completed its first phase of 195 lots in this new master planned community since opening in June 2016.

The seller, SBH La Estancia, an affiliate of Sunbelt Holdings, sold the lots for $6.25 million, or $44,000 per finished lot and $1,100 per front foot. Meritage homes range from 1,612- to 2,917-square-feet.

La Estancia offers master-planned living in a prime southeast submarket location, 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. Future plans include sports fields and more.

Richmond American, continuing its acquisition surge, bought 98 lots at Bridge Pass II in Dove Mountain in Marana for $6.8 million from Forestar (USA) Real Estate Group of Austin, TX. The lots, platted and engineered, are to be finished by Richmond, a new builder at Boulder Bridge Pass.

Richmond lot purchases have been surging,  with 1,267 lots acquired in the Tucson Metro area within the past year.

Boulder Bridge Pass is at the northwest corner of Dove Mountain Boulevard and Boulder Bridge Pass. The 98 lots are on about 44.5 acres with open space and consist of (30) 85’X150’ and (68) 60’X125’

Will White with Land Advisors Organization in Tucson handled both of these transactions with associate, John Carroll.

“The market for land is hot overall and we are seeing continued demand by homebuilders to build in Tucson’s better performing projects,” said White. “The communities on the southeast and northwest parts of Tucson Metro have seen almost 80% of the lot transactions over the past 18-24 months. This is mainly due to the success that is coming out of those regions of Tucson. We see no reason that those areas won’t continue to be the talk of the town”

“The Tucson master-planned communities continue to see a large amount of demand from homebuilders in the past 18-months. Sales, permits, and traffic have been strong from these specific projects and homebuilders are looking to continue to build on that success. We feel that this trend will continue in the communities that have proven to have very good pricing power and pace.” White stated.

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comps #5239 and #5258.

 

 




New Subdivision and HomeBuilders – Tucson NW & SE

Overton Reserve Preliminary Plat (click to enlarge)

TUCSON, Arizona — An affiliate of Tucson Land and Cattle Co. (Jim Campbell, manager) bought 59-acres at La Canada & Overton in Northwest submarket Tucson in Pima County for this new subdivision, Overton Reserve.

The developer plans to develop 106 lots: the Northern 39-acres with 83 lots and a 2.1 RAC, and the Southern 19.6-acres with 23 lots and 1.2 RAC all to be Overton Reserve. The property commanded a sale price of $2.5 million ($23,585 per lot) platted. Property was rezoned while in escrow.

Developer believes it can begin to break ground in Q2 2017.

The seller, GST LLC (Charles Jackson, manager) was represented by Ben Becker and Adam Becker with CBRE in Tucson.

For more information, the Becker Team should be reached at 520.323.5100.

To learn more, see RED Comp #4400.

Also in the Northwest Tucson submarket, Lennar Homes purchased 25-lots from Miramonte Homes in Boulder Bridge Pass at Dove Mountain in Marana. The 25 finished lots average 10,022-square-feet and sold for $2.7 million ($108,000 per lot).

Boulder Bridge Pass is at the northwest corner of Dove Mountain Boulevard and Boulder Bridge Pass. The remaining lots in this 88 lot subdivision on about 44.5 acres continue to be built by Miramonte.

To learn more, see RED Comp #4449.

DR Horton acquired 60 lots at Vista Montana Estates in Southeast Tucson from a New York investor, LG Realty LLC. Vista Montana Estates was originally platted for manufactured homes with a total of 139 lots in this Phase Two and are 50’x90’ average.

These final lots commanded a sale price of $1.98 million ($33,000 per lot) located off I-10 and Wilmot Road in Tucson.

DR Horton joins other builders Lennar and TJ Bednar at Vista Montana with these remaining 60 lots.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller in the transaction.

For more information, Feig and Mendenhall should be contacted at 520.747.4000.

To learn more, see RED Comp #4405.




Texas Forestar picks Dove Mountain for entry into AZ for $5.9 Million

Dove Mountain Entrance
Dove Mountain Entrance

It was just a week or so ago, we were reporting on the perfect storm for homebuilders at Dove Mountain in Northwest Tucson, and now we have the highest land sale year-to-date to report from there. Texas-based, Forestar (USA) Real Estate Group (Bruce Dickson, chief real estate officer) closed on 98-platted lots at Boulder Bridge Pass II at Dove Mountain for approximately $5.9 million ($59,732 per lot). Click here for prior story from March 10.

Forestar (NYSE:FOR) is headquartered in Austin, Texas and manages three market segments: Real Estate, Oil and Gas, and Other Natural Resources. The Real Estate segment engages in the acquisition, entitlement, development, and sale of real estate; primarily residential and mixed-use communities and represents about 70% of the company’s business. Forestar sells residential lots primarily to homebuilders; and undeveloped land through its retail sales programs, as well as operates income producing properties, such as a hotel and multifamily properties.

Since 1955, Forestar has been selling quality land in Georgia, Texas and across the Southeast. This segment owns, directly or through ventures, approximately 113,000-acres of real estate located in 10 states and 13 markets in the United States; has 11 real estate projects currently representing approximately 24,000-acres in the entitlement process, as well as 75 entitled, developed, or under development projects in 10 states and 13 markets encompassing approximately 12,000-acres. This is the company’s first entry into Arizona that we could find through a public record search.

Boulder Bridge Pass II is at the northwest corner of Dove Mountain Boulevard and Boulder Bridge Pass. The 98 lots average 9,288-square-feet and are on about 40.3 acres with open space.

Forestar and Dove Mountain share a commitment to developing communities that provide balanced solutions through social, environmental and economic sustainability. Through a balanced solutions approach, Forestar likes to integrate green spaces and open areas into its communities, integrate water and energy saving features, and strive to conserve the natural beauty of surrounding areas.

Will White and John Carroll with Land Advisors Organization in Tucson handled the transaction for buyer and seller, Cottonwood Properties, Inc. (David Mehl, president) through its affiliates, DM Phase IV Investment, LLC and Dove Mountain Investors, LLC

White told us Forestar must have been attracted to the extraordinary natural beauty of Dove Mountain, where social, environmental and economic sustainability is part of everyday business. “We are excited to have Forestar join Dove Mountain and hope this to be the start of a long-standing, successful relationship for them in Southern Arizona,” White said.

To learn more White and Carroll should be contacted at 520.514.7454 or see RED Comp #2734 for additional information.