By Daniel Benson | Belfiore Real Estate Consulting
D.R. Horton closed on a Mesa infill site yesterday located on the southeast corner of Southern Avenue and Country Club Drive.
The community is an attached, townhome-style product development with a shared central community amenity.
Community amenities include: gated vehicular entry, a clubhouse, an exercise facility and two community pools.
The site was most recently being marketed as the “The Palms” by the investment group VACC LLC. The investment group sold off some existing townhomes it had acquired along with the finished lots before selling the finished lots to Horton.
According to public record (click here to view the affidavit), Horton closed on 120 finished lots on 5/14/2015 for $4,687,500 ($39,663 per lot). An additional recorded memorandum of option document (click here to view the option) shows Horton has an option to acquire an additional 216 lots from VACC LLC.
Public record shows VACC LLC originally closed on this site back on 12/20/2013 (click here to view the affidavit). The transaction included 345 finished lots plus 24 constructed townhome units. VACC LLC originally closed on these 369 lots/units for $10,200,000 ($27,642 per lot/unit).
