Shea Homes Closes on Trilogy West in Vistancia

By: Paul Dionne | Vizzda.com 

Phases 2 and 3 comprise the southern portion of Trilogy West

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle—who subsequently secured the property under an existing $45m deed of trust with Tricon Capital that was issued on September 19^th, 2013 and is slated to mature on September 18^th, 2020.  

The subject parcel comprises phases 2 and 3 of Trilogy West and total 457 planned lots. The site was surveyed in 2012 as 159.578 acres and when combined with the 251 planned lots from Phase 1—which was acquired by Shea in December of last year—and the 308 lots from Phase 4—acquired in March of this year—Trilogy West will encompass some 360 acres and total 1,016 home sites. Proposed lot sizes range from a minimum area of 4,000 ft² at 40’ x 100’ to a maximum area of 8,050 ft² at 70’ x 115’.

The Tait family has controlled this property dating back to at least 1981; Shea entered an exclusive purchase option agreement dated August 10^th, 2012 and on June 11^th, 2014 Shea issued Tait a $2.5m deed of trust described as a refund advance relating to the purchase option agreement. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre or the 45-acre Phase 4, which Shea picked up for $3,807,290 or $83,700 per acre. 

To Contact the Author:

Paul Dionne - pdionne@vizzda.com

Shea Completes Second Take-down in Vistancia West

VIZZDA—3/27/2014, Shea Homes has completed their second recent acquisition into the Vistancia West development- purchasing 45.4823 acres for $3,807,290 or $83,709 per acre. Mr. Charles Duff of Tempe-based Farnam Realty was the seller; and also provided seller-carry financing with a phased lot release. Mr. Farnam had previously purchased 99.855 acres on December 31st, 2005 for $5,492,080 or $55K per acre. 

Shea Homes is planning 1,016 units in the 353 acre “Trilogy West” project in a four phase plan, per a updated planned-area-development referenced here.

The Phase I of this project totals 117.05 gross acres planned for 246 lots; reflecting 2.10 dwelling units per acre.

In their first Vistancia West purchase, Shea Homes acquired approximately 60 acres (59.886) on December 20th, 2013 for $4.8M or $80K per acre. The seller group including Mr. Kent Xander, who had previously purchased this same 60 acres in 1998 for $180K or $3,000 per acre.

Vistancia is located just west of the 303 in northwest Phoenix Metro 

Tricon Capital Group based in Ontario has ventured with Shea Homes to finance the Trilogy West development; which was recently syndicated to a single large institutional investor. Detail on this syndication can be found here.

By:

Hadden Schiffman

Managing Director

Vizzda.com