TerraWest Communities Acquires Phase II of Zanjero Trails

Zanjero Trails, Phase II

VIZZDA—June 4^th, 2013 — Michael Jesberger of TerraWest Communities—a locally-based real estate developer with backing from JEN Partners of New York—has completed the purchase of 209.26 acres of raw land in the Town of Surprise that is planned for Phase II of the Zanjero Trails Master-Planned Community. Jesberger paid a combined $9,321,145 for 36.88 acres of commercially zoned and 172.38 acres of land zoned for residential development in a cash-only transaction.

The commercial portion is comprised of three parcels at the northwest corner of Perryville Road & Peoria Avenue. It will feature a 6.55 acre hard corner zoned C-2, a 5.76 acre parcel fronting Peoria Avenue zoned C-1 and a planned 256-unit apartment complex fronting Perryville Road on 24.57 acres zoned R-2. This smaller portion was acquired for $1,518,280 or $1.058 per square foot.

The residential portion of the subdivision is comprised of two non-contiguous parcels of 139.73 and 32.65 acres planned for 428 and 118 lots, respectively. All lots have 18’ front, 15’ rear and either 5’ or 8’ side set-backs. The following table shows the various lot dimensions:

No. of Lots	Width	Depth
125	48	115
183	53	115
121	58	120
24	68	120
43	75	120

The $7,802,885 acquisition price paid for the residential portion of the subdivision represents per unit prices of $45,265.60 per acre, $14,291 per planned lot, $249.10 per planned front foot and $1.04 per square foot.

The seller was Marketplace One through its authorized signatory, Mike Nuessle. Nuessle previously acquired the entire 209.26-acre property from the Maricopa County Municipal Water Conservation District One on May 16^th, 2012 for $4,143,160 or roughly $20,004 per acre. While there was no new debt issued at the time of the prior sale, a Pre-Annexation Development Agreement was assigned to Marketplace One by the Water Conservation District. The Seller was exclusively represented by Land Advisors Organization.

By:

Paul Dionne

Director of Analytics

Vizzda.com