Tuesday, October 30, 2012

Investor Group Sells 13.73 Recently-Platted Acres for $5.1m

--> VIZZDA—October 30th, 2012 — Ashton Woods Homes has acquired 13.73 acres of raw land at the Southwest corner of 32nd Street and Deer Valley Drive for $5.1m or $8.53 per ft2 from a Florida and New Jersey-based investor group. Ashton Woods paid cash for the parcel.

A final plat map for the property—referred to in documents as Ridveview—was approved October 19th, 2012. The plans call for 40 lots with an average lot dimension of 65’ x 130’ and 3.429 acres of landscaped common area. The sale price reflects a per lot price of $127,500. 

The investor group disposing of the property is managed by William Dinneen of Brielle, New Jersey and Michael Brown of Naples, Florida. The group acquired the property from C. Michael Pierce on June 26th, 2007 for $3.7m or $6.18 per ft2, realizing a 7.1% annualized rate of return for the sale.

Paul Dionne
Director of Analytics

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