Thursday, February 27, 2014

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

Vizzda – February 26th, 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 8th, 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 8th, 2014, and the subdivision engineering plan review was applied for on January 23rd, 2014.

Daniel Alpers
Director of Civil & Municipal Projects

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