By: Daniel Benson; Belfiore Real Estate Consulting
After closing on 164 platted and engineered lots in Warner Groves at Morrison Ranch on October 30, 2014 (click here to view the story), TerraWest Communities and Jen Partners has closed on a second deal within the week. According to public record (click here to view the affidavit), JEN Arizona 20 LLC (TerraWest/Jen Entity) closed on an approximate 24.5 acre site located just west of the southwest corner of Chandler Heights Road and 132nd street in South Chandler. TerraWest/Jen Entity closed on a 24.5 acre site near Chandler Heights Road & 132nd street in South Chandler [TWEET] The deal closed on November 4, 2014 for $3,150,000 ($128,571 per acre).
The seller in the transaction was an entity controlled by Rialto Capital Management LLC. Rialto was pursuing a preliminary plat for the site that accommodated 68 – 70’x110’. According to Mike Jesberger (Principal; TerraWest Communities), TerraWest/Jen will not be moving forward with this plat and instead is pursuing a conceptual site plan that will yield 81 – 80’x135’ lots. TerraWest/Jen has an additional three adjacent parcels in escrow that will accommodate the additional lots. Jesberger estimates receiving final plat for the entire site in approximately one year. Ryan Semro, Bret Rinehart & Mike Schwab of the Land Advisors Organization represented both parties in the transaction; they can be reached at (480) 483 – 8100.