Casa Grande, AZ – A company formed by Southwest Value Partners and economist/investor Elliott Pollack of Scottsdale paid $2.25 million to purchase 364 partially and fully developed lots in Casa Grande. The seller was D.R. Horton Inc. – Dietz Crane in Scottsdale, a division of D.R. Horton Inc. in Arlington, TX. (NYSE:DHI). The home sites, in a community called Casa Vista, are located at the northeast corner of Jimmy Kerr Boulevard and Broken Spoke Street.
The lots average 6,325 sq. ft. (55×115) and 8,400 sq. ft. (70×120). Look for the buyers to hold the home sites until the housing market rebounds, and then sell the lots to one or more builders. Pollack says the company will sell the lots through rolling option agreements. The Scottsdale-based investors are looking for additional land parcels in the Valley that include partially and fully improved lots.