Three big land parcels sold; valued at $9.2 million - Inside Tucson Business: News

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Three big land parcels sold; valued at $9.2 million

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Posted: Tuesday, February 5, 2013 1:19 pm

“This is the year of the resurgent homebuilders market,” insists land broker Will White in light of three large land sales that closed in recent weeks.  Together, the deals are valued at $9.2 million.

The surge in land acquisitions was led by national builders Lennar Arizona, Richmond American Homes and Maracay Homes. Plus, a California-based investment company increased its holdings in the Rancho Vistoso master-planned community that is located in Oro Valley.

A partnership of Lennar and Richmond American made the largest purchase: 165 platted lots at Mountain Vail Estates on Mary Ann Cleveland Way for $4.3 million. The seller was MC 140 LLC, an affiliate of Diamond Ventures Inc.

For $2.4 million, Richmond bought 88 lots and for $1.9 million, Lennar bought 77 lots. The 135-acre master-planned community in Vail has about 500 home sites overall.

At Rancho Vistoso, a 26-acre infill parcel on West Pebble Creek Drive was acquired by Vistoso Holdings Two LLC for $3.4 million. The company is an affiliate of California-based True Life Communities that had purchased an adjacent, undeveloped 168-acre parcel for $10 million last year.  That parcel is surrounded by the Rancho Vistoso Golf Course and is being held for future development.

The seller was Arizona Vistoso Return LLC, based in Kansas City, Mo.

The third large sale was for $1.5 million for 23 finished lots at Tangerine Crossing, northeast of west Tangerine Road and north Thornydale Road. Maracay 91 LLC, an affiliate of Maracay Homes, bought the parcels from MFV-FC Portfolio LLC, based in Minnesota.

“It’s becoming very obvious that our market is being dominated by the national players, the big publicly traded home builders,” said White, Tucson manager of Land Advisors Organization, the agent who closed all three deals. Greg Vogel, also with Land Advisors, co-brokered the Rancho Vistoso sale with White.

“The lots in Vail will probably go into production immediately,” White added.

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