by Daniel Benson
LGI, a relatively new builder to the Arizona Market, first proved their business strategy at San Tan Heights within the Pinal County portion of BREC’s Queen Creek Submarket. There LGI blew through 103 lots after opening 1/6/2012. LGI was sold out by BREC’s 1/2/2013 survey (avg 8+ sales/mo).
LGI has continued this momentum full speed ahead with acquisitions over the last year and half. LGI purchased 192 lots within Blue Hills in Buckeye, followed by 96 lots in Glennwilde down in Maricopa. Next, LGI was the first new Builder to enter BREC’s Coolidge / Florence submarket with an acquisition and option agreement within Magma Ranch (current phase will include 286 lots).
What should be viewed as a true testament of LGI’s faith in Phoenix’s peripheral markets is LGI’s most recent acquisition in BREC’s Maricopa submarket. After purchasing back on 8/24/2012 for $26k per lot / $511 per avg front foot, LGI just acquired 68 additional finished lots on 6/21/2013 at an increased land basis of $33k per lot / $708 per avg front foot.