VIZZDA—December 13th, 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 3rd, 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
