Monday, May 19, 2014

Pulte Picks Up Three Subdivisions for $15.778m



By: Paul Dionne | Vizzda.com
Estates at 44th Vicinity Map

Jeff Blandford of Blandford Homes has completed the sale of 212 final platted lots comprising the entirety of three subdivisions in Chandler, Mesa and Phoenix to Mike Brilz of Pulte Homes. The all cash purchase price of $15.778m equates to a per lot price of $74,424 per lot—61.4% higher than the valley-wide average per lot price for partially improved lots for the first quarter of 2014. The three subdivisions are Calabria in Chandler, Adobe Meadows in Mesa and Estates at 44th, and have the following characteristics: 

Calabria Vicinity Map
  • Calabria – 97 lots on 27.38 acres north of the northwest corner of Chandler Heights Boulevard and Cooper Road with typical dimensions of 60’ x 126’
  • Adobe Meadows – 71 lots on roughly 40 acres south of the southwest corner of Signal Butte Road and Brown Road with a blend of lot sizes ranging from 70' to 140' wide and 140' deep.
  • Estates at 44th – 44 lots on 10.62 acres at the northeast corner of 44th Street and Dynamite Road with typical dimensions of 60’ x 120’. 
Adobe Meadows Vicinity Map
    
    The three sites were previously acquired in 2005 for a combined $11.727m comprised of $4.527m for Calabria, $4.2m for Adobe Meadows—then platted for thirty-two acre lots—and $3.0m for Estates at 44th in two sales. By 2010, all three properties were either bank-owned or distressed, allowing Blandford to acquire the properties for a combined basis of $3.825m. Ignoring hold, development and entitlement costs, Blandford realized a 312.5% absolute rate of return and an annualized rate of return of 78.12%.

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