First Four Parcels of Crescent Ridge Acquired for $21.6m

By: Paul Dionne | Vizzda 

Jeff Blandford of Blandford Homes as acquired 128.76 acres of unimproved land at the northeast corner of Guadalupe and Crismon Roads in Mesa comprising parcels one through four of the five parcel, 172.5 acre Crescent Ridge master-planned community. The $21,623,412 purchase price for 552 final platted lots equates to $167,934 per acre, $39,173 per planned lot or $830 per planned front foot. Blandford paid $3,243,511 in cash and secured $18,379,900 in new debt with the seller, Jerry Ivy. 

Crescent Ridge Concept and Vicinity

The planning and zoning case prepared by Blandford and heard by the City of Mesa calls for 1,056 total lots on 172.5 acres for a gross density units per acre ratio of 6.12 for the project. Parcels one through four will be made up of 522 traditional lots with four different dimensions and Parcel Five will consist of 504 density units, to be acquired and developed at a later date. The lot dimensions, count and set-backs are detailed below:

Parcel	Lot Size	Lot Count	Front	Side	Rear
Parcel 1	60’ x 125’	92	10’ / 20’	5' / 12'	20’ / 10’
Parcel 2	52’ x 120’	116	10’ / 20’	5’ / 12’	20’ / 10’
Parcel 3	45’ x 115’	148	10’ / 20’	5’ / 10’	20’ / 10’
Parcel 4	40’ x 69’	196	10’ / 7’	5’ / 10’	3’
Parcel 5	NA	504	NA	NA	NA

Mr. Ivy previously acquired the subject parcel as part of a 193.04 acre sale from the Arizona State Land Department in February of 2014 for $30.2m or $156,444 per acre. The bill of sale indicates that Ivy paid $7.55m in cash plus a $645k administrative fee and carried a $22.65m balance with the department bearing 5.25% per annum interest and maturing October 17^th of this year. 

At the time of the sale to Ivy, the state had appraised the original 193.04 acres at $30m. Prior to the current sale, Ivy assigned his right as purchaser to an affiliated entity in care of Jeff Blandford. Pursuant to the seller carry financing on the current transaction, Blandford will pay Ivy a lot release price for each lot sold, stipulated to be $31,350 for each 40’ lot, $44,000 for each 45’ lot, $48,400 for each 52’ lot and $59,943 for each 60’ lot. 

To Contact the Author:

Paul Dionne – pdionne@vizzda.com