As part of a large land portfolio, Mountain Real Estate Capital LLC of Charlotte, N.C. has acquired the last 63 residential lots in the Tangerine Crossing master-planned community in Marana.
The parcels were sold by Cleveland-based Forest City Land Group as part of its plan to sell off most of its residential real estate holdings nationally.
Overall, Mountain Capital acquired some 1,200 lots in master-planned communities from Forest City. In addition to Marana, the portfolio included a mix of finished and partially finished lots, and undeveloped land for residential and commercial development in Olympia, Wash., and in Pinehurst and Charlotte, North Carolina.
Tangerine Crossing is on the northeast corner of north Thornydale Road and west Tangerine Road. The 300-acre development features single-family homes, open space and a 23-acre retail center. Mountain Capital did not disclose any financial terms of the transaction.
All 63 Tangerine Crossing lots are fully developed with a future sales agreement in place with Meritage Homes and Maracay Homes, according to Forest City. As the new owners, Mountain Capital will assume and administer those existing contracts.