Homes by Towne Closes on Cave Creek Area Condo Site

Homes-by-TowneBy: Daniel Benson; Belfiore Real Estate Consulting

According to public record, Homes by Towne closed on an approximately 20 acre site at the northeast corner of Rancho Paloma Drive and Cave Creek Road. The site is planned for 150 condo units. The deal closed 1/3/2014 for $5,850,000 ($39,000 per unit). Homes by Towne received preliminary plat approval for the development on 10/4/2013 from the City of Phoenix.

According to entitlement submittals, the site is planned for 30 – two story – 5 unit buildings with a total of 150 units. The development includes 270 resident parking spaces & 75 guest spaces (28 stalls & 47 on street spaces). Proposed product includes 4 different floor plans ranging in size from 1,366 – 1,817 SF.

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