VIZZDA—October 2nd, 2013 — Michael Jesberger of
TerraWest Communities, LLC has acquired 824.91 net acres in unincorporated
Maricopa County for $45m or $54,551 per acre. The site, which is located between
Dixileta and Rio Verde Drives from 172nd Street to the Tonto
National Forest, centers around Vista Verde Golf Course—an 18-hole, par 72
target-style golf course designed by Ken Kavanaugh that opened in 2006.
The westernmost portion of the property was final platted as
Vista Verde, Unit 1—a 256.2-acre subdivision comprised of 185 single-family
lots—in October of 2007. Of the 185-platted units, thirty-five have sold to end
users at prices ranging from $350k to $40k and the remaining 150 convey to
TerraWest. The minimum lot width is 80’, the minimum lot area is 10k ft2
and the plat calls for 20’ front, 25’ rear and 7’ side setbacks.
In addition to the lots the Maricopa County Planning and
Zoning Commission voted to approve a final plat for the Villas at Vista Verde
Condominiums at their August 8th Meeting. This plat increases the
allowable density of a 6.57-acre parcel within Unit 1 to 3.28 density units per
acre to enable the construction of twenty condo units ranging in size from
2,207 ft2 to 2,477 ft2. The condos will be constructed as
duplex units adjacent to the as-yet-unbuilt clubhouse.
TerraWest paid $25m in cash and financed the remaining $20m
with seller-carryback debt. The property was assembled as a contiguous section
and a half in 1979. While sale price is not available on publicly recorded
documents prior to the early 1990s, the assemblage was encumbered by three
separate seller-carry notes totaling $1.278m at the time of sale. The seller
was a trust formed by, among others, John Mooty a Minneapolis-based attorney
and David S. Ritchie, the developer and manager of Verde Vista.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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