SWVP Venture Buys Land Planned for 3,439 Lots
December 23, 2008
Phoenix, AZ – A venture formed by Southwest Value Partners in San Diego, CA paid $26 million to acquire land in Maricopa, Pinal and Pima counties that is targeted for 3,439 single-family residences. The seller in multiple transactions were companies formed by Maracay Homes Corp. in Scottsdale. The property is comprised of five undeveloped parcels, four fully finished sites and three partially developed parcels. In all, there are 12 subdivisions or planned subdivisions. A description of each of the properties acquired in the portfolio follows: undeveloped land near northeast corner of 95th Avenue and Camelback Road in Glendale targeted for 216 lots; undeveloped land at the southwest corner of Jackrabbit Trail and Bethany Home Road in Buckeye targeted for 720 lots; 93 finished lots averaging 7,800 sq. ft. (65×120) at the Legend Ridge community near Val Vista Drive and Queen Creek Road in Gilbert; 162 partially improved lots (42×95 to 52×95) within the Plaza Del Rio subdivision located one-quarter-mile south of Thunderbird Road along both sides of Plaza Del Rio Boulevard in Peoria; 926 partially developed lots within the Rio Rancho Estates community located near Grand Avenue and Happy Valley Road
in Surprise; 101 finished lots averaging 5,500 sq. ft. (50×110) within the Sienna Vista Village community near 75th Avenue and Broadway Road in Phoenix; undeveloped parcel targeted for 203 home sites located near the northeast corner of Chandler Heights Road and Arizona Avenue in Chandler; 114 finished lots averaging 4,680 sq. ft. (52×90) and 101 partially developed lots averaging 7,200 sq. ft. (60×120) and 11,475 sq. ft. (85×135) within the Stonefield subdivision located near the southeast corner of Germann and Dobson roads in Chandler; 38 partially developed lots averaging 6,960 sq. ft. (58×120) and 8,400 sq. ft. (70×120) within the Villas at Boulders subdivision at the northeast corner of Westland and Scottsdale roads in Scottsdale; undeveloped land targeted for 404 lots near Florence Boulevard and Interstate 10 in Casa Grande; undeveloped land targeted for 244 lots at the southeast corner of Kenworthy and Martin roads in Coolidge; and 117 finished lots averaging 6,600 sq. ft. (55×120) and 5,500 sq. ft. (50×110) within the Rancho Sahuarita subdivision located east of Interstate 10 about nine miles south of Tucson in the Town of Sahuarita. Maracay, like many other Valley builders, decided to sell some of its lot inventory in the Phoenix area. Maracay Homes is owned by Weyerhaeuser Real Estate Co., a subsidiary of Seattle-based Weyerhaeuser Co. (NYSE:WY).