Morrison Ranch, Inc. Sells Out Phase II of Elliot Groves for Nearly $17.4m

VIZZDA—December 13^th, 2013 — In two consecutive sales to major homebuilders, Morrison Ranch, Inc. placed all 254 lots in Phase II of its Elliot Groves subdivision for total consideration of $17,381,592 or $68,431 per lot. The buyers, Taylor Morrison and Ashton Woods, took down 162 and 92 lots, respectively, and financed the transaction with a combination of profit participation on the part of Morrison Ranch and existing financing arrangements.

To wit, Taylor Morrison acquired 162 lots for $11,741,949—68 of which have standard dimensions of 70’ x 130’ and 94 of which have standard dimensions of 55’ x 115’ for a per front foot price of $1182.47. These lots are subject to Profit Participation Agreements with the seller based on the front footage of the lots. Ashton Woods acquired 92 lots for $5,639.643—all of these lots have standard dimensions of 55’ x 115’ for a per front foot price of $1226. These lots are subject to both a Profit Participation Agreement and an existing line of credit with Wells Fargo.

Elliot Groves is a portion of the Morrison Family’s 3000+ acre historic Gilbert Ranch—also know as Morrison Ranch. Phase II of Elliot Groves was retrieved from the trust in which it had been held on December 3^rd, 2013 for $14,758,031 with $15,211,333 in new debt, accruing to the benefit of a member of Morrison Ranch, Inc. Yesterday’s sale reflects a ten-day profit for Morrison Ranch of  $2,621,561 or 17.7% on funds committed.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Investor Group Sells 13.73 Recently-Platted Acres for $5.1m

--> VIZZDA—October 30^th, 2012 — Ashton Woods Homes has acquired 13.73 acres of raw land at the Southwest corner of 32^nd Street and Deer Valley Drive for $5.1m or $8.53 per ft² from a Florida and New Jersey-based investor group. Ashton Woods paid cash for the parcel.

A final plat map for the property—referred to in documents as Ridveview—was approved October 19^th, 2012. The plans call for 40 lots with an average lot dimension of 65’ x 130’ and 3.429 acres of landscaped common area. The sale price reflects a per lot price of $127,500. 

The investor group disposing of the property is managed by William Dinneen of Brielle, New Jersey and Michael Brown of Naples, Florida. The group acquired the property from C. Michael Pierce on June 26^th, 2007 for $3.7m or $6.18 per ft², realizing a 7.1% annualized rate of return for the sale.

Paul Dionne

Director of Analytics

Vizzda