Tuesday, October 9, 2012

KB Homes Purchases 56 Finished Lots in Cooley Station at $58,300 Per Lot

VIZZDA—October 5th, 2012—Entities formed by Irvine, CA-based Dolphin Partners and local Quantum Capital sold a total of 56 finished lots in Cooley Station for $3,264,800. The transaction was split in two sales
  • 15 Lots for $874,500
  • 41 Lots for $2,390,300
KB Homes acquired the lots per a prior purchase agreement dated July 26th, 2012 and requested to transfer home plans at the City of Gilbert, found here.

Cooley Station is located in Gilbert—West of the Northwest corner of Pecos and Recker Roads. The subject lots have a minimum of 40’ x 98.5’ and are zoned SF-6. Forty-five of the lots are located in Phase II which totals 227 lots, and eleven of the lots are in Phase I which totals 322 lots. This acquisition consists of the remaining finished lot inventory in both Phase I and Phase II.

Quantum and Dolphin previously purchased the lots in two transactions—acquiring the subject 41 lots from Saybrook on September 17th, 2010 for $1.23m. The remaining 15 lots were purchased in a bankruptcy sale April 4th, 2011.

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