10.29 Acres of Entitled Land Transacts in Gilbert for $204,082 per Acre

Vizzda – February 26^th, 2014 – Porchlight Homes has purchased a 10.29 acre lot near the intersection of Higley Rd & Williams Field Rd entitled for 44 single family home project titled Higley Pointe. The property traded for $2.1m, which reflects as $204,082 per acre or $47,727 per planned lot. There were four separate debt documents issued with the sale, securing $6.754m total debt with three different lenders.

The subject 10.29 net acre property (11.14 gross acres) is just west of the northwest corner of Higley & Williams Field Roads in Gilbert. Higley Pointe is planned to be a 44 single-family home community with lots measuring 50’ width by 115’ depth, and setbacks will be 10’ front, 5’ side, 20’ rear. The project will provide 13.31% open space and a density of 4.28 dwelling units per acre.

Kathy Aleman, who works with Southwest Properties Inc., was the seller of the property. The Aleman’s previously acquired this property prior to a related sale in the beginning of 1991. 
The conveyance to Porchlight Homes was made through two deeds, each stating different land portion and disclosing a $2.1m sales price. Buyer confirmed the total sales price was $2.1m, and not $4.2m as could be discerned from the two deeds.

The subject property has historically had a single-family residential unit and two duplex units that occupy ±2.35 acres of the site. The remainder functioned as storage and vacant land. The initial entitlement for the Higley Pointe project was approved August 8^th, 2013 when the general plan amendment and rezoning cases were presented to the Gilbert City Council. The plat was approved by the planning and zoning commission on January 8^th, 2014, and the subdivision engineering plan review was applied for on January 23^rd, 2014.

By:

Daniel Alpers

Director of Civil & Municipal Projects

Vizzda.com