Mattamy bringing Duplex Product to Palm Valley; Closes on 8.6 Acre Parcel for $1.3 Million

By: Daniel Benson; Belfiore Real Estate Consulting

On Thursday September 30th, Mattamy Homes successfully closed on an 8.6 acre parcel that has received preliminary plat approval from the Goodyear City Council. Mattamy received the preplat approval at the 9/28/2015 council meeting which will allow the builder to develop 48 – 45’x100’ duplex lots (Preliminary Plat_Enclave at Palm Valley). The transaction closed for $1,312,500 ($27,344 per lot / $608 per FF) and was based upon the preliminary plat status of the lots (Affidavit_Enclave at Palm Valley). The seller in the transaction was Crown-Phoenix Palm Valley I LLC (Voyager Properties).

The parcel is located at the northeast corner of 146th Avenue and Camelback Road, within Belfiore’s North Goodyear Submarket. Mattamy is actively selling 3 different single family detached housing products in adjacent parcels which it also picked up from Voyager Properties back in June of 2013.

According to Mattamy, development is expected to begin in early 2016 with a sales opening date targeted for late 2016.

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Catclar Investments closes on “SOHO Scottsdale” Site for $4,123,350

By: Daniel Benson | Belfiore Real Estate Consulting

After an entitlement escrow period allowing Catclar Investments to receive approval for two non-major general plan amendments, the developer has now closed on the site slated for its “Soho Scottsdale” mixed-use project. According to public record (click here to view the affidavit), Bahia Live/Work Lofts and Townhomes LLC (Catclar Entity) closed on the approximate 5.1 gross acre site on 2/17/2015 for $4,123,350 ($808,500 per acre / $52,863 per planned unit). The site is located in North Scottsdale specifically at the SWC of Bahia Drive & 92nd Street.

According to development submittals (click here to view the project submittal), the “Soho Scottsdale” project is planned as a mixed-use “work/live” project. Catclar’s site plan includes 64 three & four-story residential townhomes each with a first floor office/studio space. The plan also includes a 14 unit four-story residential condominium building, which also includes ground level retail & services space. Each townhome will have an attached 2-car garage (128 spaces), and underground parking will be provided under the condominium building (34 spaces). Catclar received City Council approval for the general plan non-major amendments, the zoning district map amendment, the development plan, and a development agreement at the 12/2/2014 meeting.

KB Home closes on Dahlia Pointe P&E lots in Mesa for $3,696,900

By: Daniel Benson | Belfiore Real Estate Consulting

KB Home closed on a platted & engineered lot deal yesterday in Mesa. The deal included 100 – 53’x56’ cluster 6-pack configured P&E lots. The deal (click here to view the affidavit) closed on 2/5/2015 for $3,696,900 ($36,969 per lot). The community, Dahlia Pointe, is specifically located at the NEC of Power Rd & Olney Ave in Mesa (located in Belfiore’s Williams Gateway North Submarket).

According to KB, KB has already applied for site grading and dust permits and anticipates site development to begin within 2 weeks. Development is expected to take 10 months with a model opening date slated for December 2015.

Matt Rinzler & Brian Stillman of Insight Land & Investments brokered the deal and Sam Griffin (Director of Land Acquisition| KB Home) is the contact for KB.

Terrawest / Jen Partners close second deal in 1 week; Chandler partial assemblage for $3,150,000

By: Daniel Benson; Belfiore Real Estate Consulting

After closing on 164 P&E lots in Warner Groves at Morrison Ranch on 10/30/2014 (click here to view the story), TerraWest Communities & Jen Partners has closed on a second deal within the week.  According to public record (Jen.TerraWest. Chandler Assemblage_20140731219-Affidavit), JEN Arizona 20 LLC (TerraWest/Jen Entity) closed on an approximate 24.5 acre site located just west of the southwest corner of Chandler Heights Road & 132nd street in South Chandler. The deal closed on 11/4/2014 for $3,150,000 ($128,571 per acre).

The seller in the transaction was an entity controlled by Rialto Capital Management LLC. Rialto was pursuing a preliminary plat for the site that accommodated 68 – 70’x110’. According to Mike Jesberger (Principal; TerraWest Communities), TerraWest/Jen will not be moving forward with this plat and instead is pursuing a conceptual site plan that will yield 81 – 80’x135’ lots. TerraWest/Jen has an additional three adjacent parcels in escrow that will accommodate the additional lots. Jesberger estimates receiving final plat for the entire site in approximately 1 year. Ryan Semro, Bret Rinehart & Mike Schwab of the Land Advisors Organization represented both parties in the transaction; they can be reached at (480) 483 – 8100.

Maracay & Jen/Terrawest Close on Warner Groves at Morrison Ranch for a combined purchase price of $13,062,642

By: Daniel Benson; Belfiore Real Estate Consulting

The Morrison family has sold 230 platted & engineered lots within its Warner Groves at Morrison Ranch community, located at the NWC of Warner & Higley Roads in Gilbert. According to public record (Maracay_20140721528-Affidavit), Maracay Homes closed on 66 – 70’x130’ P&E lots on 10/30/2014 for $3,794,900 ($57,498 per lot / $821 per FF). The deal also includes a deed of trust securing profit participation with the seller (Maracay DOT_20140721530).

Also according to public record (Jen. Terrawest_20140721527-Affidavit), SLV AZ 1 LLC (a Jen Partners / TerraWest Communities entity) closed on 164 platted & engineered lots (66 – 85’x135’ / 98 – 60’x125’) on 10/30/2014 for $9,231,742 ($56,291 per lot / $803 per weighted avg. FF). The deal, similar to Maracay, also includes a deed of trust securing profit participation with the seller (Jen DOT_20140721529).

According to Mike Jesberger (Principal of TerraWest Communities), Jen/TerraWest will be rolling out these lots once finished to Ashton Woods according to an option agreement (AW Option Agreement__20140721534).

Both Maracay & Jen/TerraWest also entered into a joint development agreement with the Morrison Family (Dev. Agreement_20140721531). The deals were brokered by Michael Martindale with CRA.  According to Martindale, the lots will be finished at $1,600 per FF.

Watt Communities of Arizona Continues Infill Acquisition Spree

By: Daniel Benson; Belfiore Real Estate Consulting

Watt Communities of Arizona continued its infill acquisitions spree with its latest Downtown Phoenix closing. According to public record (8th St & Roosevelt_20140705427-Affidavit), Watt New Leaf – Roosevelt LLC closed on an approximate 1.58 acre site north of the intersection of 8th Street & Roosevelt Street. The deal closed 10/24/2014 for $1,475,000 ($935,320 per acre).

According to Steven Pritulsky (CEO; Watt Communities of Arizona), the site is zoned R-5, and Watt is pursuing a site plan to accommodate approximately 30 – three-story townhome units. Watt is currently at a pre-application status with the City of Phoenix.

Watt continues to look for smaller (5 acres and under) infill sites to build higher-density single-family product. Have a site that meets this description you are looking to sell? You can reach Mr. Pritulsky at (602) 803-0268.

LGI Homes will Soon Join KB Home & Richmond American at Trailside Point in Laveen

By: Daniel Benson; Belfiore Real Estate Consulting

LGI Homes has closed on the remaining partially improved lots within the Trailside Point Community in Laveen, located north of the northwest corner of Baseline Road & 75th Avenue. According to public record (click here to view the affidavit), LGI closed on 135 partially improved lots (57 – 45’x110’ / 26 – 50’x110’ / 52 – 55’x115’) within Unit 4. The deal closed on Wednesday 10/8/2014 for $3,600,074 ($26,667 per lot / $535 per weighted average front foot).

Both Richmond American Homes & KB Home are actively selling homes within the Trailside Point Community.  KB Home is selling two different products on a 55’x115’ & 65’x115’ lot. KB’s plans being built on the 55FF lots range in size from 1,718 – 2,745 SF and base prices range from $169,990-$204,990. As of Belfiore’s most recent survey KB had averaged 1.17 sales per month YTD on the 55FF lots. KB’s plans being built on the 65FF lots range in size from 2,303 – 3,267 SF and base prices range from $209,990 – $239,990. As of Belfiore’s most recent survey KB had averaged 0.5 sales per month YTD on the 65FF lots. Richmond American is building on 50’x110’ lots and its home plans range in size from 1,900 – 2,950 SF and base prices range from $179,990 – $220,990. As of Belfiore’s most recent survey, Richmond had averaged 1.12 sales per month YTD.

LGI Homes Closes on Additional South Buckeye Lots within Sundance MPC

By: Daniel Benson; Belfiore Real Estate Consulting

LGI Homes has added to its South Buckeye lot inventory with its latest acquisition within the Sundance Master Planned Community, located in South Buckeye at Yuma Road & Watson Road.  According to public record (click here to view the affidavit), LGI closed on 111 – 50’x110’ partially improved lots & 40 – 45’x110’ finished lots within parcel 26 & 27 for $3,900,000 ($25,828 per lot / $531 per weighted average front foot). The deal closed Wednesday 10/8/2014.

LGI is actively building within its Blue Hills Subdivision, also in South Buckeye, located at Baseline Road and Miller Road. As of Belfiore’s August survey, LGI had averaged 4.62 sales per month year-to-date. Base pricing ranges from $163,900 – $198,900 and plans range from 1,581 – 2546 SF.

LGI also recently closed on 121 finished lots within the Crystal Vista Subdivision, also in South Buckeye, located at Broadway Road and Apache Road.  Click here to view additional details on LGI’s Crystal Vista acquisition.

Raintree Investment Corporation Closes on Last Residential Parcel in Power Ranch

By: Daniel Benson; Belfiore Real Estate Consulting

Woodcrest Village, which is viewed as the last unbuilt donut hole of Power Ranch, traded hands yesterday to Raintree Investment Corporation. The site is located south of the Germann Rd & Ranch House Parkway intersection in Gilbert. According to public record (click here to view the affidavit), Power Ranch Recovery Acquisition LLC (Raintree Entity) closed on the 352 finished townhome lots within Woodcrest Village. The deal closed 9/25/2014 for $7,250,000 ($20,597 per lot). The community is designed to accommodate a townhome-style product but the plat is actually a condominium plat. Community amenities designed for the site include: multiple gated entries, 2 community pools with accompanying bathroom facilities, and 2 community tot-lots.

Housing product previously approved for the site consists of 3-story attached townhome-style units. Unit floorplans range in size from 1,059 to 1,725 square feet with 2 & 3 bedrooms, 2½ bathrooms, and attached 1 or 2 car “rear-loaded” garages.

Newmark Homes closes on Estate Sized Lots in South Glendale

By: Daniel Benson; Belfiore Real Estate Consulting

Newmark Homes (Michael Nicholas; Manager) has taken over Auburne, the custom lot community in South Glendale formerly being built by Starwood Custom Homes (Jacob Simonton; Manager). According to public record (click here to view the affidavit), Newmark Homes closed on these 5 – 185’x235’ finished lots on 9/23/2014 for $400,000 ($80,000 per lot).

Additional recorded documents show that the seller, Rockport Holdings LLC, subsequently cancelled its previous lot option agreement with Starwood after the closing (click here to view the termination of option document). ARMLS records show Starwood closed two homes within the subdivision earlier this year between
$566,800 – $573,000 ($134-138 PPSF).

Additional recorded documents show Newmark Homes took out a Deed of Trust with M&T Bank securing a note in the amount of $234,400 (click here to view the deed of trust).