By: Daniel Benson; Belfiore Real Estate Consulting
AV Homes continued its acquisition stride with its latest purchase at the Village at Litchfield Park Phase II. According to public record (click here to view the affidavit), AV Homes closed on 90 finished lots within the community. Of the 90 lots, 54 were 80’ wide, 4 were 90’ wide, and 32 were 110’ wide. The total purchase price was $11,730,000 ($130,333 per lot / $1,430 per weighted average front foot) and the transaction closed on November 27, 2013.
Village at Litchfield Park is located adjacent to the Wigwam Golf Resort within the City of Litchfield Park (Indian School Rd and Litchfield Rd). Village at Litchfield Park Phase II was previously controlled by Toll Brothers who later decided to cancel its lot option agreement. Shea Homes also built two different product lines within the community, and Family Development currently controls 35 lots according to an option agreement. Family Development pulled model home permits in September and should be open for sales at the beginning of the year.
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