By: Paul Dionne | Vizzda.com
April 2nd, 2014 – Three home-builders—Maracay Homes, K Hovnanian Enterprises and Woodside Homes—acquired forty one lots in three subdivisions for a combined $3,502,049. The lots, a mix of partially improved and fully finished, all commanded per front foot prices above $1,450, with the Maracay acquisition in Pastorino topping out at $1,585.5 per front foot. The seller in all but one deal was Michael Jesberger of TerraWest Communities; K Hovnanian Enterprises acquired its lots through an existing land banking arrangement with GSO Capital Partners.
As stated above, Maracay Homes acquired eight lots measuring 60’ x 120’ in the Pastorino subdivision for $761,040 or $1,585.5 per front foot. Additionally, Maracay took down an additional fifteen lots of varying dimensions in Bridges at Gilbert for $1,306,200 or $1,536.71 per front foot. Woodside Homes was also active in the Bridges at Gilbert subdivision, buying nine lots for $705,915 or $1,568.7 per front foot. Finally, K Hovnanian acquired nine lots in Rock Springs for $729,254 or $1,458.5 per front foot.