By: Paul Dionne | Vizzda
In June, Vizzda reported on Canadian homebuilder, MattamyHomes’ acquisition of 29.2 acres at the southwest corner of Priest Drive andthe Knox Road Extension comprising the Chandler portion of the planned Rhythm subdivision. On Friday, Mattamy closed on the Tempe portion of said subdivision
for $8.015m or nearly $450k per acre in a deal that was 50% financed with
seller carry debt. Friday’s sale brings Mattamy’s total cost basis for land
acquisition to $19,798,389 or $420,973.61 per acre.
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| Rhythm Subdivision Vicinity Map |
The Tempe portion of Rhythm is 19.76
gross or 17.83 net acres of agricultural land zoned R1-PAD and located south of
the southwest corner of Priest Drive and Warner Road. It is planned for 94
single family lots with typical dimensions of 50’ x 90’, 4.07 acres of open
space and 10’ front, 5’ or 8’ side and 5’ rear setbacks for a density ratio of
4.76 density units per acre. When combined with the Chandler portion, Rhythm
totals 368 units on 51.52 gross acres.
Unlike the Chandler portion, which Mattamy acquired from an
affiliate of the Church of Jesus Christ of Latter Day Saints, the Tempe portion
was owned by four private individuals—Eric, Heidi and Timothy Crown, as well as
Matthew Gallaher—doing business as Crown Farms, LLC prior to sale. The sellers
assembled the property in three all cash transactions: 7.46 acres for $1,327,702.32 in
two sales of $791,827 and $535,875 on October 5th, 1999 and 10.37
acres for $2,835,793.75 on April 30th, 2004.
To Contact the Author:
Paul Dionne - pdionne@vizzda.com
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