By: Daniel Benson; Belfiore Real Estate Consulting
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.