Toll Brothers buys 781 acres in Surprise for $62.5 million

Real Estate Daily News

Toll Brothers of Scottsdale (Bob Flaherty, divisional president) a subsidiary of Toll Brothers, Inc of Horsham, PA (NYSE: TOL) purchased 781 acres within the Prasada mixed-use project in Surprise for $62.5 million ($80,000 per acre) to develop a residential community with more than 2,200 homes. Located west of Cotton Lane and between Cactus Road on the north and Peoria Avenue on the south, the land was sold by Suburban Land Reserve, Inc. (Steven Romney, president) an entity formed by the Church of Jesus Christ of Latter Day Saints of Salt Lake City, Utah.

The builder paid $4.5 million down with seller carryback terms to include annual interest payments and a balloon payment at maturity.

According to the preliminary plats, Toll Prasada plans are for 2,201 residential units, on 18 parcels to be developed over 10 phases, with 463 SFR lots in phase one. The plan includes four options: standard SFR lots, and cluster-style with pods of four-to-six units. In the preliminary site plan, 714 lots are 50-foot wide, 587 lots are 60-foot wide, 460 lots are 70-foot wide and there are 440 cluster units.

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