By: Daniel Benson; Belfiore Real Estate Consulting
TerraWest/JEN closed yet another land banking deal Monday, October 21, 2013. According to public record (click here to view affidavit 1 / affidavit 2 / affidavit 3 / affidavit 4 / affidavit 5), Jen Arizona 12 LLC closed on 57-80’x135’ platted and engineered lots in Chandler. The transaction included the sale of a final platted subdivision and several adjacent parcels. In total, TerraWest/JEN closed on the entire site through five separate transactions with five different sellers. The combined purchase price was $3,885,049 ($68,159 per P&E lot / $852 per P&E front foot). TerraWest/JEN subsequently recorded an option agreement (click here to view the option agreement) with Ashton Woods Homes who will draw down the lots once developed.
The site, Jacaranda Place, is located between Gilbert and Lindsey Roads along Riggs Road in Belfiore Real Estate Consulting’s South Chandler submarket. Ashton Woods worked with the seller to replat the site from 24-110’x160’ lots (click here to view the original plat) into the 57-80’x135 plat. Ashton Woods was able to accommodate the increased lot configuration by also working with several adjacent parcel owners. The final plat was approved by the Chandler City Council at its August 15, 2013 meeting (click here to view the replat).
According to Mari Flynn, Director of Land Entitlement for Ashton Woods, site development will begin immediately. Sales are estimated to begin June 2014 with a grand opening slated for July 14, 2014.
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