Wednesday, August 8, 2012

Richmond Closes on 98 Finished Lots in Cortessa at $45K per Lot

VIZZDA—August 8th, 2012 – Richmond American Homes purchased 98 Finished Lots within Cortessa for a total of $4,410,000 or $45K per lot, $643 per FF. The sale was split in two acquisitions: 89 lots purchased for $4.005M and 9 lots at $405K. Cortessa is located in the Waddell area of West Phoenix near the border of Buckeye. The property is north of the northeast corner of Perryville Rd & Olive Ave. The community totals 1,732 lots on 613 gross acres, excluding tracts. The 98 lots in this sale are all 70’x125’ (8,750 SF, 7,650 SF MIN) and are zoned R1-6 and R1-8. A total of 119 70’ wide lots are planned in the community.

Alan Hamberlin of Courtland Homes was the Seller. He originally purchased 120 lots within Cortessa from Standard Pacific for $8.4M. He placed $2,779,789 down and financed the remainder with  $5,620,211 debt issued by the Bank Of Oklahoma. Hacienda Homes was granted a lot option agreement. Hamberlin acquired his own note November 21st, 2007 from Bank of Oklahoma and later recorded a notice of trustee sale February 9th, 2011. 89 Lots reverted at trustee sale auction August 17th, 2011 to a Hamberlin-related entity with a $4M credit bid. Nate Nathan brokered the sale. 

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Hadden Schifman
Managing Director

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