An affiliate of Scottsdale-based Maracay Homes has acquired a 53-acre residential parcel in Oro Valley where it plans to develop custom homes.
Rancho del Cobre, located on the southeast corner of west Tangerine Road and north La Cholla Blvd., was purchased by Maracay 91 LLC for $4.2 million. About 13 acres of Rancho del Cobre is designated as permanent open space and the site contains 68 preliminary-platted custom home lots, averaging about 21,000 square feet.
The site was sold by La Cholla Tangerine LLC, a small group of Tucson-based investors: Rashid and Tariq Khan; and Ursula and Dietmar Gann, according to public records. The transaction was handled by Thrac Paulette and Jon O'Shea of Vast Commercial Real Estate.