Richmond American Closes on P&E Site in Northeast Mesa

By: Daniel Benson; Belfiore Real Estate Consulting

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Richmond American Homes continues to be one of the most active land buyers in the Phoenix MSA buying raw P&E, partial and finished lots. According to public record, Richmond closed on 139 raw platted & engineered lots on Monday. The site, located at the SWC of 80th St & University Drive, recently gained final plat approval for 139-50’x100’ SFD lots. The transaction closed 9/16/2013 for $5,699,000 ($41,000 per P&E Lot / $820 per P&E front foot).

According to Richmond, the seller took the site through the entitlement process and sold the lots to Richmond based upon the P&E status. Richmond will assume development responsibilities and will begin site improvements nearly immediately after the closing. Richmond anticipates opening models mid-year 2014.

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