Lennar and Mattamy Houses have paid a complete $61.6 million for a mixed 447 tons at a 1,500-acre master-planned group in San Tan Valley, southeast of Phoenix.
Miami-based Lennar purchased the majority of the properties, paying $45.4 million for 329 tons inside Part IV of the challenge at Bella Vista Farms, the Phoenix Enterprise Journal reported.
Mattamy, based mostly in Orlando, paid $16.23 million for 118 tons.
The vendor was El Dorado Holdings, based mostly in Scottsdale, the developer behind the $2.1 billion Bella Vista Farms master-planned group between Skyline Drive and Bella Vista Highway, east of Gantzel Highway, within the unincorporated space about 50 miles exterior Phoenix.
Greater than 750 acres are nonetheless up for improvement, now in varied levels of approvals, in accordance with Chris Grogan, president of El Dorado.
“We nonetheless have a 200-acre lively grownup idea that we’re discussing with builders at present, and extra phases of conventional single-family houses will likely be coming on-line within the subsequent 12 to 18 months,” Grogan informed the Enterprise Journal.
Lennar has purchased tons at Bella Vista Farms because the first section of the challenge, which already is bought out, stated Jeff Gunderson, senior vp of land operations for Lennar.
The developer is now constructing Part II and is slated to start out Part III fashions this fall, Gunderson stated. The acquisition of 329 tons for Part IV brings the entire lot rely to 995.
“The San Tan Valley has been an excellent location for Lennar,” Gunderson informed the Enterprise Journal. “With the shortage of obtainable land in Gilbert, Chandler, Mesa and even Queen Creek, San Tan Valley is simply the place the exercise is if you wish to purchase a house within the southeast Valley.”
Brokers Nate Nathan, Daniel Baldwin, Courtney Buck and Ryan Duncan of Scottsdale-based Nathan & Associates represented El Dorado Holdings within the sale.
“San Tan Valley is experiencing great progress based mostly on all the brand new employment finding to the north and south,” Nathan informed the newspaper.
Mattamy’s buy of 118 tons was its first at Bella Vista Farms, with plans for houses designed for a number of generations of households.
“With the value of land and the value of housing, this can develop into a bigger pattern throughout the nation,” Don Barrineau, Phoenix division president for Mattamy, informed the Enterprise Journal. “Getting older mother and father, child boomers, find yourself again with their children in numerous instances. We predict it suits a few totally different segments.”
Plans name for beginning building on two mannequin houses round this time subsequent 12 months, with gross sales to start in summer season 2025, he stated. Houses will vary between 2,100 and three,200 sq. toes and most probably be priced within the excessive $400,000s to excessive $500,000s.
— Dana Bartholomew
