(Editor’s note: News releases are published unedited, unless they contain factual errors.)
PHOENIX–Meritage Homes of Arizona, Scottsdale, AZ paid +/- $3.666 million cash to acquire a portion of Sunset Farms, a planned community in west Phoenix. Included in the sale were approximately 186 platted lots on 46 +/- gross acres. With estimated improvement costs, finished lots are anticipated to be delivered between $1100-$1200 per front foot. The lot mix consisted of 55- 55’ x 115’ and 131- 45’ x 115’ final platted lots.
The Seller on the transaction was New World Properties, Inc, a Phoenix/Tucson investment group consisting of various entities, including New Era Phoenix, LLC and New Era Sunset, LLC which control several properties throughout the area and which are managed by Mark Brown of Scottsdale, AZ. Chris Benjamin and Rick Jellies of City to City Commercial Real Estate, Scottsdale, AZ, represented the Seller.
New World Properties is continuing entitlement of numerous parcels in Sunset Farms for future builder sales. Interested parties can Contact Chris Benjamin at City to City Commercial Real Estate exclusively representing the seller at 480-355-2222. Other inquiries can be directed to Mr. Brown at 602-469-3027