A California-based investment/developer has purchased “The Donut Hole” for $10 million, the last remaining tract of undeveloped residential land within the Rancho Vistoso master planned community in Oro Valley. Most of the 168-acre purchase is surrounded by several fairways of the Rancho Vistoso Golf Course.
“This is irreplaceable, infill property with the golf course that wraps around it. We will handle the marketing to home builders,” said Will White of Land Advisors Organization – Tucson, who brokered the deal with Ryan Semro of the Scottsdale office. “This is a premium location, the homes probably will be move-up product or better.”
The land was purchased by Vistoso Holdings LLC, headquartered in San Ramon, Cal. The company is an affiliate of True Life Communities, a real estate investment and management firm with operations in California and Arizona. The seller was Arizona Vistoso Return LLC, based in Kansas City, Mo.
The “Donut Hole” features premium golf course frontage and natural open space. Tentatively, slightly less than 100 acres will be developed west of Pebble Creek and Desert Fairway drives on the west side of Rancho Vistoso Blvd. On the east side of the boulevard, about 70 acres will be left as open space.
The infill parcel is surrounded by existing infrastructure that includes roadways, utilities and the golf course. It is zoned medium to high-density residential and likely will take about a year or more to bring the land to market, White estimated.