By: Daniel Benson; Belfiore Real Estate Consulting
Although AV Homes (Nasdaq: AVHI) has already announced it will join Eastmark with an active adult community, its most recent land transaction is the builder’s first East Valley land closing. According to public record (click here to view the affidavit), AV Homes closed on the 105 acre site approved for 360 – 50’x120’ preliminary platted lots which is dubbed Signal Butte 105. The site is located at the NEC of the Signal Butte Rd Alignment and Williams Field Rd. The cash transaction closed October 29, 2013 for $16,610,400 ($46,973 per lot / $939 per front foot). Harvard Investments was the seller in the transaction who also took the site through the entitlement process. The preliminary plat for the site was recently approved by the City of Mesa Planning & Zoning Commission at its September 18, 2013 meeting.
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