Friday, September 21, 2012

D.R. Horton Purchases Distressed Lots and Spec in Hurley Ranch for $2.15M

VIZZDA -- September 21, 2012 -- D.R. Horton purchased 70 Finished Lots measuring 45’ x 110’ plus an additional 5 speculative homes for $2,150,000. Two of the seventy lots are at foundation, though the buyer indicated that these improvements would be demolished. The five speculative homes were built between 2007 to 2008 and average 2,100 SF. No value per front foot is provided given the inclusion of improved speculative homes. 

Hurley Ranch is located in Southwest Phoenix in the Tolleson Area, S/SEC 91st Ave & Lower Buckeye Road. The subject lots are all within Parcel 3, which totals 135 lots on 27.6 acres zoned R1-6.
The seller was Atreus Homes, formerly known as Homelife Communities based in Atlanta, GA--their company webpage is presently unavailable. Atreus previously acquired all 135 lots of Parcel 3 from Standard Pacific on February 27th, 2007 for $7,897,500 or $1300 per front foot. Atreus put $2,047,500 down to secure the property.

The subject lots were noticed for trustee sale at the time of D.R. Horton’s purchase, pending auction October 19th, 2012. RBC Bank USA was the beneficiary, foreclosing on $40M LOC debt loaned February 27th, 2007. Notice was recorded December 16th, 2011 with the auction originally set for April 12th, 2012. 

Paul Dionne
Director of Analytics

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