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D.R. Horton, Tucson’s Largest New Home Builder’s Latest Buying Spree

TUCSON, Arizona — D.R. Horton (NYSE: DHI) Tucson’s largest new home builder by volume in 2016 purchased 145 lots during Q1, or 36% of the 407 total lots that sold in Tucson metro, subject to change with the final week of the quarter still to come.

The home builder posted nationally, new orders for its latest quarter surpassed expectations, the latest indication of the housing market’s recovery. New orders nationally increased 14% to 9,241 homes in the three months ended in December, above expectations of analysts surveyed by FactSet who projected 8,717.

The housing market is coming off a strong year. An estimated 1.17 million housing units were started in 2016, nearly 5% more than were started in 2015, making it the strongest year since 2007. Housing starts rose 11.3% in December to a seasonally adjusted annual rate of 1.23 million, the Commerce Department reported last week.

Permits in Tucson metro, a good indication of how much construction is in the pipeline, is also up by 42% year over year in February.

D.R. Horton wrapped up the final 43 lots of 184 total at Sycamore Vista in Vail, Arizona for $795,000 ($18,500 per lot). Previously known as New Tucson, these lots were re-platted and sold by NT Properties. This concludes the Sycamore Vista lot sales.

At Eagle Point Estates, in the western submarket of Tucson, D.R. Horton purchased 8-SFR lots for $318,000 ($39,750 per lot). This was the final takedown of a rolling option agreement for 83-lots at Eagle Point Estates. The seller, Tierra Valencia of Tucson is an affiliate of the Estes Companies (Bill Estes III, manager).  D.R. Horton began construction at Eagle Point Estates back in January 2015.  Lots are mostly 80’x100′.

In Green Valley, 43 finished lots in Rancho Abrego II were purchased for $1.83 million ($42,500 per lot). Lots are 45′ and 50′ x 115′. The seller was BBV Investment Limited Partnership LLP of Tucson, Pepper Viner, general partner, that also sold D.R. Horton 15 platted lots and common area at the new Rancho Abrego III for $262,500 ($17,500 per lot). The Rancho Abrego Community is a 55+ community.

Continuing with options at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton bought 6 more finished lots for $229,500 ($38,250 per lot) from Fianchetto Farms, LLC. This was the forth takedown of a 49-lot option within this 114-SFR lot subdivision and the second for this quarter. D.R. Horton began construction here last August 2016.  Lots are mostly 55′ x 110′.

Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services represented the parties in all of the above transactions.

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

To learn more, see RED Comps #4617, 4630, 4670, 4639 and 4640.




Metro Tucson Homebuilders Acquire 172 Lots for Aggregate of $7.15 Million

may-residential-lot-sales-aggregate-of-9-35-million-and-280-lotsTUCSON, AZ — Three major homebuilders, Pulte, DR Horton and Richmond American, added to lot inventory this month. The following sales took place within metro Tucson over the past 30-days, totaling 172 lots and an aggregate sale price of $7.15 million.

Pulte Home Corporation purchased 83 platted and engineered 50’x120’ lots from Vail Valley Joint Venture at Rancho del Lago for $1,969,916 ($23,734 per lot). The sale closed on October 24th. Pulte plans to continue development of its single-family product at Rancho del Lago. Randy Emerson of GRE Partners, LLC represented the seller and the buyer was self-represented.

DR Horton purchased 33 finished SFR lots for $1.54 million ($46,666 per lot) at Camino Seco Village, in the eastern submarket of Tucson. The sale closed September 28th. The seller,  R.B. Price & Company Benefit Pension (Richard Price, President).  DR Horton purchased for construction of 33 single family homes.  Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented DR Horton in the transaction.

Richmond American Homes of Arizona, Inc purchased 31 finished lots at Starr Ridge for $1.473 million ($47,500 per lot) in this 105-home site community. This is the second purchase in this subdivision for Richmond.  Located just 15 minutes from downtown, the community offer spectacular mountain and valley views at the base of the beautiful Tucson Mountains, on the far west side of Tucson. Surrounded by miles of trails and breathtaking desert landscape, on the gateway to the Arizona Sonoran Desert Museum and Old Tucson Studios. The sale closed October 21st. A majority of lots are 70’x110′.

Pulte Home Corporation purchased 11 finished lots at Molina Canyon Estates from Tucson Land and Cattle, LLC (Jim Campbell, manager) for $1.067 million ($97,000 per lot). Pulte plans to construct 11 SFRs after doing lot prep on the 80’x125’ lots. Molina Canyon Estates is an infill subdivision located southeast of Catalina Highway and Prince Road (Old). The sale closed September 22th. There were no brokers involved in the sale.

Richmond American Homes of Arizona, Inc. purchased 10 finished 70’ wide lots at Santa Cruz Meadows in Sahuarita for a price of $500,000 from Tucson Land, LLC. The sale closed on September 30th. The closing was the first takedown on an agreement to purchase of 49 lots at Santa Cruz Meadows. The seller was represented by Randy Emerson of GRE Partners, LLC and the buyer was self-represented.

DR Horton purchased 10-SFR lots for $397,500 ($39,750 per lot) at Eagle Point Estates, in the western submarket of Tucson. This was a part of a rolling option agreement for 83-lots at Eagle Point Estates, mostly 80’x100. The sale closed October 11th. The seller, Tierra Valencia of Tucson is an affiliate of the Estes Companies (Bill Estes III, manager).  DR Horton began construction at Eagle Point Estates back in January 2015 and are over half-way to completion, with 26-lots remaining.  Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented DR Horton in the transaction.

DR Horton paid $200,000 ($50,000 per lot) for four finished lots in Tierra Linda Nueva in the northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is an option takedown for 48-lots from Tierra Linda Nueva, an affiliate of Estes Land and Development of Tucson (Kip Volpe, President) in a 190 SFR lot subdivision of 36,000 SF minimum lot size. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented DR Horton in the transaction.

For more information, Randy Emerson can be reached at 520.777.4949 while Dan Feig and Aaron Mendenhall can be contacted by calling 520.747.4000.

To learn more, see RED Comps #4212, #4194, #4245, #4243, #4211 and #4257.




Richmond and DR Horton Acquire SFR-Lots in Tucson

lots sales 450x250Richmond American (Rick Morris, Land Acquisition) purchased 50 platted and engineered lots at Mountain Vail Estates for $1.501 million ($30,000 per lot). This is the first half of approximately 94 lots being re-platted by the seller, MC 140 LLC, an affiliate of Diamond Ventures.

Buyer will develop the lots for construction. This is not Richmond’s first acquisition in this southeast subdivision with 501-lots in the Houghton Corridor.

Lot sizes were reported to be about 80 percent 50’x115’ and 10-15 percent 60’ wide lots.

To learn more, see RED Comp #3968.

Richmond American also purchased 34 platted lots at Linda Vista Heights for $884,000 ($26,000 per lot) in this northwest submarket of Tucson for development. Lots are 50’x110’ and 50’x 120’.

Charlie Bowles of Bowles Realty & Investments in Tucson handled the transaction for the seller.

To learn more, see RED Comp #3956.

At Eagle Point Estates, in the western submarket of Tucson, DR Horton purchased 8-SFR lots for $318,000 ($39,750 per lot). This was a part of a rolling option agreement for 83-lots at Eagle Point Estates. The seller, Tierra Valencia of Tucson is an affiliate of the Estes Companies (Bill Estes III, manager).

DR Horton began construction at Eagle Point Estates back in January 2015 and are over half-way to completion, with 42-lots remaining

Dan Feig and Aaron Mendenhall of Chapman Lindsey represented DR Horton in the transaction.

To learn more, see RED Comp #3959.