TUCSON, Arizona — Meritage Homes of Arizona, Inc. purchased (71) 45’ X 120’ and (42) 50’ X 120’ platted and engineered lots at Rancho del Lago in Vail from Fidelity National Title Agency under Trust No. 10,756 and Vail Valley Joint Venture (Bill Estes III, manager) for a price of $3,177,000 ($28,115 per lot)

The sale closed on April 13, 2017. The Seller was represented by Randy Emerson of GRE Partners, LLC. Will White and John Carroll of Land Advisors Organization in Tucson represented the buyer.

White remarked, “It is a great purchase. Vail has always been a strong performing submarket. Now with more amenities and an improving market, we have seen strong sales and price appreciation in the past 12 months. Rancho Del Lago has a successful history and this is a great position for the coming years.”

“We are seeing strong demand for lots in the southeast I-10 corridor/ Vail area of Tucson from homebuilders. Vail School district and close proximity to employment are the driving factors. At the same time that the market is improving, this area might be one of the most constrained on future lot inventory. That is why you are seeing most of the entitled lot deals picked up quickly and the land prices continue to rise.”

“2017 has already seen some of the best ‘shovel ready’ lot positions acquired and there are several more deals in the works. The race is on and we expect it to be extremely active in Tucson,” White stated.

Meritage will be joining Del Webb, Pepper Viner Homes and Pulte Homes at this most remarkable golf course community at the foot of the Rincon Mountains in the southeast submarket of Tucson.

For additional information, White and Carroll can be contacted at 520.514.7454 and Emerson should be reached at 520.396.4812.

To learn more, see RED Comp 4732.

Seventh Avenue Commons next workforce housing project planned for Tucson Streetcar Line

TUCSON, AZ — Gardner Capital Development in Arizona purchased approximately 52,100-square-feet of land along with improvements at 58 E. 5^th Street and 546 N. Stone Avenue from 5^th-7^th Center, LLC (Ann Moushey and Carol Plagman, managers). The purchase price was $1.7 million ($32.63 PSF).

The buyer has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing (ADH) competitive application process to develop 7th Avenue Commons, a $14 million workforce housing project consisting of 50 one- two- and three-bedroom apartments for families, located at 529 North 7th Avenue, adjacent to the West University Historic District.

Construction of the units will begin in the first quarter of 2017, with completion expected in the first quarter of 2018. Reid Butler will serve as project advisor for Gardner Development. Neighborhood Housing Solutions, a nonprofit organization, as the co-developer. When completed. The Arizona Department of Housing will serve as project manager. Over 10 years, Gardner will receive $11,498,920 in Low Income Housing Tax Credits from ADH.

“Our mission is to catalyze community revitalization and economic opportunity through the creation of high-quality housing for many income levels,” said Scott Puffer, senior vice president of development for Gardner Development, Midwest Region. “Seventh Avenue Commons will combine new construction and adaptive reuse to create workforce housing near transit, jobs and community amenities. We are thrilled to be part of this effort in Tucson.”

When completed, 7th Avenue Commons will consist of 50 one- two- and three-bedroom units, 27 of which will be developed within the existing warehouse/office buildings. The remaining 23 units will be located in a newly constructed three-level building that will also include a screened parking level on the first floor. An outdoor multi-purpose court and play area for the residents and their families will also be included in the community. Landscaping and public art will adorn the completed property. All 50 units can be leased to residents earning at or below 60 percent of area median income. Once completed, NHS will be using the on-site clubhouse and community center to provide supportive services to the residents.

Randy Emerson of GRE Partners, LLC in Tucson represented the developer through the 18 months for ADH project approval to close.

“The workforce housing funding is a very competitive process,” Emerson said. “Proximity to the streetcar line resulted in scoring the project successfully to be awarded this tax credit.”

Kitchell Construction of Phoenix will be General Contractor and Biltform Architects of Phoenix, the Architects on the project.

For additional information, Emerson should be contacted at 520.777.4949.

TUCSON, 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 21^st. 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.