By Daniel Benson | Belfiore Real Estate Consulting
D.R. Horton closed on two transactions totaling a combined purchase price of $6,501,600. The seller in the deal was Crown-Phoenix VIII LLC & Crown-Phoenix X LLC (Voyager Properties – Manager; Mark A. Voigt & David K. Rogers).
The deals included 88 – 58’x115’ finished lots and 84 – 50’x115’ finished lots within the Watson Estates MPC, specifically located southwest of the SWC of Watson and Yuma roads in south Buckeye. The first deal included 88 – 58’x115’ finished lots and closed on December 17, 2014 for $3,326,400 ($37,800 per lot / $652 per FF). The second deal included 84 – 50’x115’ finished lots and closed on December 17, 2014 for $3,175,200 ($37,800 per lot / $756 per FF). Both deals also included a deed of trust securing additional consideration in the amount of $4,000/lot due upon each retail home closing. The additional consideration is for an impact fee reimbursement due to the seller.
Another recorded document shows Horton has an option to purchase a second takedown from Crown/Voyager. The memorandum between Horton & Crown gives Horton the right to purchase an additional 48 – 58’x115’ & 88 – 50’x115’ finished lots within Watson Estates.