Pulte Sells Multiple Parcels for $27.7 Million

January 15, 2010

Buckeye/Phoenix/Florence – In multiple sales totaling $27.7 million, Pulte Home Corp. in Scottsdale (John Chadwick, pres.) has sold land in Maricopa and Pinal counties that is planned for 5,648 homes. The buyers in six separate transactions were companies formed by Starwood Land Ventures in Bradenton, Fla., and Southwest Value Partners in San Diego, Calif.

Starwood Land Ventures, an affiliate of Starwood Capital Group in Greenwich, Conn., paid $18.5 million to acquire land targeted for 4,109 homes in three projects. The company paid $11.5 million to buy 1,151 partially finished lots in a 444-acre community west of Verrado Way and McDowell Road in Buckeye. That development, called Sienna Hills, has home sites ranging from 5,280 sq. ft. (48×110) to 8,400 sq. ft. (70×120). Another company formed by Starwood Land Ventures paid $4 million to purchase a 157-acre parcel in Phoenix that has 291 partially finished lots. That project, called Arroyo Norte, is at the southeast corner of the Interstate 17 frontage road and Circle Mountain Road. Those home sites range from 7,500 sq. ft. (60×125) to 16,800 sq. ft. (105×160). And Starwood Land Ventures paid $3 million to acquire a 998-acre tract of raw land in Buckeye that has a preliminary plat in place for 2,667 lots. Those parcels are approved for medium- and high-density residential. The community, called Sun Valley South, is at the northeast corner of Sun Valley Parkway and the Missouri Avenue alignment.

Companies formed by Southwest Value Partners paid $9.2 million to purchase land for 1,539 platted and engineered, partially developed lots and finished home sites in Buckeye, Phoenix and Florence. The company paid $4.3 million to acquire 677 partially finished lots in Buckeye. That community, called Vista De Montana, is located at the southeast corner of Jackrabbit Trail and Van Buren Street. The home sites average 5,500 sq. ft. (50×110) and 6,380 sq. ft. (58×110). And SVP paid $3.45 million to buy 325 platted and engineered, partially finished and developed lots within the Fireside at Norterra community located north of the northeast corner of Jomax and 19th Avenue in Phoenix. Those home sites range from a high-density product to 21,000 sq. ft. (105×200). And in the Town of Florence in Pinal County, SVP paid $1.45 million to purchase 537 partially finished lots within the Anthem at Merrill Ranch community. That project is at the southwest corner of Hunt Highway and Merrill Ranch Parkway. The lots range from 5,175 sq. ft. (45×115) to 6,900 sq. ft. (60×115). Starwood Land Ventures and Southwest Value Partners will hold the properties for investment until the housing market corrects in the Valley.

Both Starwood Land Ventures andSouthwest Value Partnershave been active investors in the Valley and are looking for additional investment opportunities in the Phoenix area.