By: Daniel Benson; Belfiore Real Estate Consulting
The JEN Partners / TerraWest Communities Partnership struck again Monday with its most recent land transaction in North Peoria. According to public record, JEN Arizona 13 LLC (JENN/TerraWest) closed on 117 partially developed lots within the Florenza subdivision (E of NEC Tierra Del Rio Blvd & Happy Valley Pkwy). The subdivision includes 117 – 75’x125’ partially developed lots (site has been mass graded). The transaction closed 9/16/2013 for $8,482,500 ($72,500 per partially improved lot / $967 per partially improved front foot). Immediately after the closing, JEN/TerraWest then recorded a memorandum of option agreement with Meritage Homes that shows Meritage will draw down all 117 lots.
The seller in the transaction was the Dolphin/Quantum joint Venture, DQFlorenza LLC. Dolphin/Quantum originally acquired Florenza 12/31/2008 from U.S. Development Land through a deed in lieu of foreclosure sale.