DMB Associates, Inc. Clears $24.4m in Victory at Verrado Sales

VIZZDA—February 5^th, 2014 — Four homebuilders acquired a total of 417 final platted lots in Phase I of Victory, a planned age-restricted community in the Verrado Master-Planned Community in Buckeye. The lots comprise all of Phase 1 of Victory and are a mixture of low and medium density lots. Total consideration tendered at time of sale was $24,400,800.

The four acquisitions are described in greater detail below:

The seller, a trust formed by DMB Associates, Inc. and the Caterpillar Foundation, retain a right of first refusal on the sale and its rights as master developer of Verrado. In addition to lot completion financing provided by DMB, deferred consideration, marketing fee, lot premium agreements are in effect between the homebuilders and DMB.

DMB Associates, Inc. previously acquired what was then the Caterpillar Testing Grounds in March of 2002 from Caterpillar for a “percentage of gross sales proceeds from dispositions under subdivision trust agreement”.

By:

Paul Dionne

Director of Analytics

Vizzda.com