Surprise – Metro Oasis LLLP, a company formed by Harvard Investments Inc. in Scottsdale (Paul Hill, Craig Krumwiede and Chris Cacheris, principals), paid $14.35 million to purchase two parcels in Surprise that are targeted for 1,000 single-family homes. The seller was MPC-BN Sunrise LLC, a joint venture formed by MPC Homes in Scottsdale (Mike Nuessle, et al., principals) and BayNorth Capital LLC in Boston, Mass. (Chip Douglas, Charles Wu, Charles Flint, managing directors). The cash sale was brokered through Ryan Semro, Ben Heglie and Bret Rinehart of Land Advisors Organization in Scottsdale. The purchase included 639 platted and engineered lots in phase two of the Desert Oasis community and a 130-acre parcel known as Sunrise Ranch that is targeted for 360 to 400 homes. Desert Oasis is located north of the northwest corner of Jomax Road and 171st Avenue. Those lots average 6,900 sq. ft. (60×115), 8,400 sq. ft. (70×120) and 9,600 sq. ft. (80×120).
Jim Belfiore, President of Belfiore Real Estate Consulting, adds, “Harvard’s purchase is timely, as housing has spread out in the northeast. Surprise has been and will continue heating up this year and next. Homebuilders will no doubt be knocking on Harvard’s door in the next twelve to eighteen months.”
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