By: Daniel Benson; Belfiore Real Estate Consulting
According to public record, Shea homes closed on 63 finished lots within DMB’s Verrado MPC. The lots are a mix of duplex and triplex lots. According to Shea Sales Staff, the proposed product will be very similar to its successful Caletas product currently offered within Sunbelt’s Blackstone MPC in North Peoria. The transaction closed 8/14/2013 and the purchase price was $2,677,500 ($42,500 per lot). According to Shea Homes and Nathan & Associates, the deal terms included seller participation tied to net profit. Rose Law Group Land Use attorney Jordan Rose says “Shea committing to duplex/triplex product in Verrado again demonstrates there really is a shortage of new housing supply in our market now.”
