Lennar picks up balance of Santa Rita Ranch III in Vail

(Disclosure: Rose Law Group represents Lennar.)

By Real Estate Daily News

TUCSON, Arizona — Lennar Homes (NYSE: LEN) has purchased the remaining lots in Phases 2 and 3 at Santa Rita Ranch III, southeast of the intersection of Houghton Road and Sahuarita Road. This purchase was made up of 194 SFR lots (60’X120’ and 70’X120’) for a finished cost of $76,849 per lot, or $14.9 Million. The seller in this transaction was Santa Rita Ranch III, LLC and Santa Rita Ranch III 2015, LLC (Crown West Land Group, Dean Wingert, Vice President).

The Santa Rita Ranch Specific Plan was first approved by the County in 1988 for 2,435-acres and up to 5,307 units. Crown West acquired the Santa Rita Ranch III portion in 2013, a total of 182 acres and 330-lots nestled into the foothills of the scenic Santa Rita Mountains.

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