VIZZDA—June 21st, 2013 — Pennsylvania
Homebuilder, Toll Brothers, has acquired 81.89 acres of graded and entitled
land, planned for 112 single-family residences. Formerly known as Vaquero Estates,
the parcel—located at the southeast corner of Recker and Ocotillo Roads in
Queen Creek—was approved for a final plat as Dorada Estates on June 18th,
2013.
The planned subdivision is zoned R1-18 and features typical
lot dimensions of 120’ by 175’ with a minimum lot dimension of 120’ by 150’.
All lots have 25’ front, 30’ rear and 10’ side setbacks for a 35% lot coverage
ratio. The approved density for the project is 1.37 density units per acre. The
sale price represents $117,612.50 per acre, $84,009 per planned lot and $700
per planned front foot.
The property has changed hands several times over the past
decade at several different valuations. The Reeb Group acquired the site as
agricultural land on January 16th, 2004 for $3.158m or $38,893 per
acre with $1,151,762 down and assumption of an existing lien on the property,
which was discharged following the sale. Reeb sold the property in less than
two years to the current sellers—Woodbury Corp. of Salt Lake City, Utah—for
$13.5m, a 323% absolute rate of return.
While Woodbury did not finance its acquisition of the
parcel, it did secure $6.75m in new debt with an affiliated entity on September
26th, 2005. This note was replaced with a $10m note accruing to the
benefit of Zions First National Bank, issued April 18th, 2008. An
October 12th, 2012 modification to the Zions deed of trust decreased
the principle balance to $5.5m and assign beneficial interest to the parent of
Woodbury Corp. This debt was released with the current sale, though the $9.409m
sales price represents a 30% realized decline in value over Woodbury’s holding period.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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