Homebuilders Acquire 569 Platted Lots In Bridges At Gilbert For $23M+
VIZZDA--August 17th, 2012 -- JEN Partners and TerraWest Communities sold a total of 383 final platted lots within the Bridges at Gilbert community. The Bridges or “Bridges” is a large 469 acre planned area development located South of the Southeast corner of Queen Creek and Higley Roads in Gilbert. The conveying lots are part of the eastern portion of the community--planned as “Bridges East”--totaling 213 acres with 569 lots final platted August 14th, 2012 and approval by Gilbert Council June 28th, 2012.
The acquiring homebuilder group includes: Shea Homes, David Weekley/ T.W. Lewis, Taylor Morrison, and Lennar Homes. JEN Partners and TerraWest retained 186 lots that were conveyed to a related entity and then optioned to Woodside and Maracay Homes. Nate Nathan was the broker. The transactions are described as follows:
Reuben Leibowitz of New York-based JEN Partners and Michael Jesberger of TerraWest Communties previously acquired 293 acres within Bridges at Gilbert March 31st, 2011 for a combined $23M in three transactions. According to JEN Partners website: they contributed 67% of the equity in the transaction. Angelo Gordon and Ridgewood Partners were the seller; they had purchased 400+ acres from AMTRUST Bank as REO August 20th, 2009 for $21.3M.