Vizzda—March 20th, 2013 — David Bruner, President
of DMB Circle Road Partners and former COO of DMB Associates, Inc., sold 16.12
acres of residential acreage in the Foothills Club West subdivision of
Ahwatukee to Lennar Homes for $3.075m or $4.38 per ft2. Lennar took
the property through the entitlement process at the behest of DMB Circle Road
prior to taking ownership.
Following final approval by the City of Phoenix on Januray
16th, the site was rezoned from PCD to R1-8 and platted for seventy
2-story single family residences. Typical dimensions for the lots are 45’ x
105’-110’ for an effective project density of 4.4 density units per acre. The
lots have set back requirements of 15’ for the front and rear and 10’ for the
sides.
DMB Associates, Inc. previously acquired the land as part of
a larger assemblage on June 28th, 1996 for $1.152m. On December 28th,
2001, the larger property was transferred into a joint venture between DMB and
Circle Road Equities. No debt was located for either the current or previous
owners and the all-cash purchase price reflects a per lot price of $43,928 and
a per front foot price of $946..
By:
Paul Dionne
Director of Analytics
Vizzda.com
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