Thursday, March 27, 2014

Shea Completes Second Take-down in Vistancia West

VIZZDA—3/27/2014, Shea Homes has completed their second recent acquisition into the Vistancia West development- purchasing 45.4823 acres for $3,807,290 or $83,709 per acre. Mr. Charles Duff of Tempe-based Farnam Realty was the seller; and also provided seller-carry financing with a phased lot release. Mr. Farnam had previously purchased 99.855 acres on December 31st, 2005 for $5,492,080 or $55K per acre. 

Shea Homes is planning 1,016 units in the 353 acre “Trilogy West” project in a four phase plan, per a updated planned-area-development referenced here.

The Phase I of this project totals 117.05 gross acres planned for 246 lots; reflecting 2.10 dwelling units per acre.

In their first Vistancia West purchase, Shea Homes acquired approximately 60 acres (59.886) on December 20th, 2013 for $4.8M or $80K per acre. The seller group including Mr. Kent Xander, who had previously purchased this same 60 acres in 1998 for $180K or $3,000 per acre.
Vistancia is located just west of the 303 in northwest Phoenix Metro 
Tricon Capital Group based in Ontario has ventured with Shea Homes to finance the Trilogy West development; which was recently syndicated to a single large institutional investor. Detail on this syndication can be found here.


Hadden Schiffman
Managing Director

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