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

--> VIZZDA—October 30^th, 2012 — Ashton Woods Homes has acquired 13.73 acres of raw land at the Southwest corner of 32^nd 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 19^th, 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 26^th, 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

Vizzda