By: Daniel Benson; Belfiore Real Estate Consulting
LGI Homes recently acquired lots in a Maricopa master planned community that has long been controlled by D.R. Horton. According to public record (click here to see the deed), LGI closed on 94 finished lots within the Homestead North Subdivision (click here to see the subdivision plat), which is at the NWC of Honeycutt Rd and Porter Rd in Maricopa. The transaction closed September 20, 2013 for $3,055,000 ($32,500 per finished lot / $591 per finished front foot).
The seller in the transaction was Starwood Land Ventures which acquired the lots from CHI Construction Company (entity controlled by D.R. Horton Homes) back in 2008 (click here to see the deed). Starwood originally acquired a mix of finished and partially finished lots which included 344 total lots and closed October 10, 2008 for $9,825,000. Since acquiring the lots back in 2008, Starwood has sold several lots back to D.R. Horton.
View Larger Map
