Toll Brothers Az Construction Co. Inc. in Scottsdale (Bob Flaherty, div. pres.) plans to develop a 20-lot subdivision with home sites of at least 1-acre in a new, gated community in north Scottsdale.
The builder paid $8.4 million ($420,000 per lot) to buy the finished lots, which are at the southwest corner of Scottsdale Road and Peak View Drive.
The property, located about one-half-mile north of Dynamite Road, is known as Turquesa Equestrian Estates.
The seller was Mortgage Equities XVII LLC in Phoenix (Mitchel Medigovich, principal). The sale was brokered through Richard Arambula of City to City Commercial in Scottsdale.