Demand Grows for Better Infill Sites in Tucson

KB Homes has New Infill Subdivision in Northwest

TUCSON, Arizona — KB Home closed on a 17+ acres for a new infill project at the southwest corner of La Cholla and Corral Ridge Loop in Northwest Tucson near OMNI Tucson National Golf Resort. The property commanded a sale price of $5.4 million. KB Homes purchased the land from HSL Properties of Tucson.

The property sold as raw land with number of lots still undetermined by KB Homes. A portion of The Fairways at Tucson National II subdivision, the subdivision is being rebranded Montaretto Estates according to the billboard.

Will White and John Carrol of the Land Advisors Organization in Tucson facilitated the transaction for buyer and seller.

“We are continuing to see high demand for better infill sites. These opportunities are becoming fewer and farther between and this is another great example of identifying a great location and being proactive when the right opportunity presents itself,” White said.

“This is one of Tucson’s better infill locations and sites. Close to so many amenities and a property with great access and views. It’s very rare to find all these attributes come together these days. It is a great site,” continued White.

White and Carrol should be reached at 520.514.7454 for more information.

To learn more, see RED Comp #4356.

Van Horne Elementary School, Tucson, AZ

Pepper Viner Homes adds Elementary School Site in Northeast

Pepper Viner Homes purchased the Eastside Van Horne Elementary School from Tucson Unified School District for $1.4 million. The buyer paid for rezoning to R-1, platting and engineering costs of the 9 acres.

Pepper Viner is expected to pay $32,500 per lot for infrastructure improvements, which makes the cost to buyer approximately $3.16 million, with an average lot size of 40’ x 100’.

Van Horne Elementary School opened in 1975. It is named after James “Doc” Van Horne, an administrator, teacher and coach who served at Tucson and Pueblo high schools before retiring in 1959. The school that has been boarded-up school since 2010 and was torn down for the 54-SFR lot infill project this month.

Van Horne Elementary School was one of several schools that TUSD closed because of declining enrollment and state budget cuts several years ago.

The district says it has lost more than $20 million in capital funding since 2008.

Proceeds from public school sales, by law, must go to capital projects such as maintenance of existing schools. The money cannot go toward salaries or raises.

James Marian, CCIM, with Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction for the buyer.

For more information, Marian can be reached at 520.747.4000.

To learn more, see RED Comp #4357.




Home Builders See More Success with Recent Lots Purchased in Tucson

lots salesDR Horton has seen some success in the southern submarket of Tucson. In Sahuarita Highlands DR Horton took down an additional five finished SFR lots for $225,923 ($45,185 per lot); its second to last takedown from Tucson-based, Red Point Development (Daniel Leung, president) in this one-acre + lot subdivision.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller in the transaction.

DR Horton also purchased more lots at Mission Antigua in the western submarket of Tucson. This purchase was for 11 finished lots of a 38-lot rolling option for $308,000 ($28,000 per lot) which will bring the subdivision to almost full build out.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller, Antigua Associates, an affiliate of Red Point Development, in the transaction.

Maracay Homes purchased six more lots at Tortolita Vistas for $999,259 ($166,543 per lot) for the 1-acre lots in this Northwest community, off Tangerine and Thornydale Roads. This is the second takedown for Maracay here, with an option for 54 total lots. The rolling option was negotiated this past October.

Will White of Land Advisors Organization in Tucson represented Maracay Homes in the transaction.The seller was Ready Eight Corporation (David Mehl, manager).

Pepper Viner at Civano III purchased two more lots in Civano for $121,916 ($60,958 per lot) from Spectrum Capital Partners (Matt Horn, manager) of Tucson. This southwest community has been very successful for Pepper Viner.

Petrus-Crown West purchased the last remaining 61.86 acres of land in Pomegranate Farms Master Planned Community for $375,000 ($6,062 per acre) in a REO sale from Great Western Bank. Petrus already owned 586 acres in Pomegranate Farms, a community is the southwest submarket, and purchased this last piece designated as commercial in the master plan. The property had no improvements, no utilities, and was purchased as raw land to hold for future development. For more information on Pomagranate Farms go to: https://realestatedaily-news.com/4-2-million-reo-pomegranate-farms-new-owner-petrus-crown-west/

Will White of Land Advisors Organization in Tucson represented Petrus in the transaction. The bank was self-represented.

To learn more Feig can be reached at 520-747-4000 x103 and Mendenhall is at 520-747-4000 x102. White can be contacted at (520) 514-7454.

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[mepr-show rules=”58038″]Sahuarita Highlands lots: Sale date: 6/25/2014. All cash. Lots 17-19, 139 & 140.
Mision Antigua lots: Sale date: 7/24/2014. All cash. Lots 7, 20, 26, 27, 30, 46, 51, 53, 56, 57 & 60.
Tortolita Vistas lots: Sale date: 7/7/2014. $871,759 down, seller carryback.  Lots 94-96, 134-136.
Civano Block 2 lots: Sale date 7/29/2014. Lot 20 & 28.
Pomegranate land: Sale dtae 7/9/2014. All cash. Proeprty is SW of Valencia & Valhalla Rd[/mepr-show]




Wrap up to SFR Lots 2Q by Submarkets

lots salesThis article has been archived, please login for access or subscribe now for a free trial.

NORTHWEST SUBMARKET
New at Tierra Linda Nueva – D.R. Horton paid[mepr-show rules=”58038″]$160,000 ($40,000 per lot) for four finished lots in the Northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is the first takedown on an option 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.

New Northwest Community for Meritage Homes of Arizona in Scottsdale. Meritage bought a 50 platted lot subdivision at Tangerine and La Cholla in Oro Valley, in the Northwest submarket, for $982,500 ($19,650 per lot). Rancho de Plata, LLC of Tucson (Yoram Levy) sold the subdivision by the same name, Rancho de Plata. Mike Carlier and Jim Vincent of the Carlier Company represented the seller in the transaction.

A.F. Sterling of Tucson (Randy Agron, VP) took down four finished lots at Tortolita Vistas for $429,800 ($107,450 per lot) for these 3/4 acre custom home sites. The transaction was part of a rolling option for a total of 34 custom home sites that began in 2011. The seller was Cottonwood Properties of Tucson (Bill Hallinan, VP).

SOUTHEAST SUBMARKET
New at Civano in the Southeast – Pepper Viner has entered into a rolling option agreement with Spectrum Capital Holdings of Tucson for 32 total lots at Civano. Eleven of the lots are in Civano I (PAD-12) and 21 lots in Civano Block 2 (PAD-6). Pepper Viner’s first takedown was for four lots, two lots in each subdivision for $175,000 ($43,750 per lot).

SOUTHWEST SUBMARKET
D.R. Horton bought three finished lots at Estancia Del Corozon in Rancho Sahuarita for $165,000 ($55,000 per lot) from Robert Spinelli. Rancho Sahuarita is south of Tucson. The three lot sizes were 80’ x 120’in size. This was a cash purchase for the builder.

WEST SUBMARKET
Willow Bridge, LLC of Tucson (Greg Anderson, managing member) bought 51 finished lots in the Silverbell Residential subdivision located is in the West submarket, at Silverbell and Goret in Marana. The cash purchase for $700,000 ($13,725 per lot) was an investment purchase. The seller was Metropolitan Housing Corporation of Tucson (Gary Bachman, CEO). Aaron Mendenhall and Dan Feig of Chapman Lindsey of Tucson negotiated the transaction and are listing agents on the lots for resale.

D.R. Horton (520) 790-6005. Volpe (520) 571-1958. Meritage Homes (877) 275-6374. Vincent (520) 548-0216 and Carlier (520) 529-3800. Feig and Mendenhall (520) 747-4000. Metropolitan (520) 795-7555. Agron (520) 577-3600. Hallinan (520) 299-8424.

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[ismember] D.R. Horton closed on the lots at Tierra Linda Nueva 5/24/2013. Land area is 174,912 SF. Subdivision is zoned SH, .93 RAC.
Pepper Viner at Civano closed on 6/12/2013. Buyer’s option at Civano I is for (11) cluster lots, zoning PAD-12; and (21) lots (85’ x 110’) in Civano Block 2, zoned PAD 6, totaling 32 lots. Totaling 28,727 SF as follows 3,846 sf; 3,573 sf; 9,350 sf; 11,9578 sf
DR Horton’s Rancho Sahuarita 3 lots sold on 6/25/2013. Land area was 29,779 SF.
Meritage Homes at Rancho de Plata closed 6/21/2013. Gross land area was 19.45 acres, net acres 18.77. All platted to 55’ lots approximately 6,000 SF lots zoned R-7.
Willow Bridge purchase was on 6/6/2013. The subdivision consists of 85 total lots on 20.16 acres. The project is a residential cluster project.
AF Sterling lots at Tortolita Vista closed on 6/27/2013.[/ismember]