Monday, April 28, 2014

490 Acres in Buckeye Purchased at $23K+ per Acre

By: Hadden Schifman |

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.

No comments:

Post a Comment

Sponsered Ad