By: Hadden Schifman | Vizzda.com
April 28th, 2014 — The Kemper Marley Foundation in
partnership with Mr. Jeff Garrett of Garrett Development have closed on a 490
acre development known as Westwind in Buckeye, AZ. Located on the southwest corner
of Lower Buckeye & Turner Rds (less than a mile South of the I-10), the
properties purchase price was $11,275,490 or $23,010.80 per acre. Mr. Giora Ben
Horin, founder of the Benross Corporation sold the property- after acquiring
the land on 12/24/2009 at $6,500 per acre with no recorded debt.
The 27 parcel assemblage comprises the East & West
phases of Westwind- an 805 acre masterplan once envisioned for more than 2,530
homes + 37 acres of commercial use. In 2002 this larger land area was assembled
though multiple sales and a development agreement reached in 2005 with Town of
Buckeye. Meritage Homes and Centex Homes both had options at that time,
planning to build 1,312 and 1,247 lots respectively. Construction financing was
provided by a subsidiary of GMAC, who would later foreclose on the asset.
Portions of the site are graded and lots cut, however – Buckeye planners have
indicated the planning has since expired (2005 Development agreement still in
place).
Kemper Marley and Jeff Garrett have been active in the
buckeye area- most recently acquiring the Westpark project (1.25mi East of
Westwind) in April 2013 at $16,600 per acre (524 acres); plus another 104 acres
at $10,517 per acre.
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