Thursday, October 25, 2012

D.R. Horton Acquires 432 Density Lots in Vinsanto for $6.692m

-->VIZZDA—October 25th, 2012 — Geoffrey Fearns, CEO of Irvine, CA-based Tri Pacific Capital Advisors sold 432 density lots within Vinsanto for $6.692m or $15,490.74 per lot. The lots have a minimum size of 1,392 ft2 and a maximum size of 4,080 ft2 and represent the bulk of the partially developed 602 lot, 62.4 net acre subdivision.

Located at the Southeast corner of 79th Avenue and Encanto Boulevard in Phoenix, the property was previously acquired by Tri Pacific Capital Advisors on January 13th, 2006 for $5,965,448 in an all cash transaction. At that time, Tri Pacific as owner and K. Hovnanian Great Western Homes as builder entered into a purchase option agreement whereby K. Hovnanian could acquire and develop lots within the community.

On February 24th, 2006, Tri Pacific secured financing with Comerica Bank totaling $200m in two notes: a $150m A & D revolving credit facility as well as a $50m line of credit, both of which released with sale of the property. Final plat of the subdivision was approved May 31st, 2006 at the behest of K. Hovnanian Great Western Homes, who exercised their purchase option on twelve occasions to acquire a total of 124 lots prior to release of the option on December 15th, 2008.

D.R. Horton paid cash for the lots. VIZZDA reported on the homebuilder’s acquisition of seventy finished lots and five speculative homes last month in the Hurley Ranch subdivision following their notice of trustee’s sale, read more about that sale and other major transactions here.

Paul Dionne
Director of Analytics

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