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.
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.