By Real Estate Daily News
TUCSON, ARIZONA (September 1, 2023) – KB Home completed a third purchase take-down (referred to as a “partial patent” by Arizona State Land Department) of State Trust Land within the Bella Tierra community from the Arizona State Land Department.
The transaction closed and recorded on Friday, August 25, 2023, for $1,626,062.50 for 26.017 acres located at the northeast corner of Irvington Road and Wingate Blvd. on Tucson’s eastside.
This third phase of Bella Tierra will be used to plat and develop 78 SFR homesites sized 40’x120’. The tentative plat and improvement plans have been approved for the site.
This results from KB Home being the successful bidder on 210 acres from the Arizona State Land Trust at auction in 2018 for $10.625 million ($50,595 per acre). The bid was for the appraised value, the lowest amount the property can legally sell.
ate Land Trust at auction in 2020 for $10.625 million ($50,595 per acre). The bid was for the appraised value, the lowest amount the property can legally sell.
The second phase of Bella Tierra was completed in October 2022 for 36 acres or 105 SFR homesites. The first takedown of Block 1 was for about 50 acres and 227 SFR homesites, a mixture of 40’ and 50’ x 120’ lots.
This latest takedown will bring Bella Tierra to 410 SFR homesites.
