(Disclosure: Rose Law Group represents Richmond American.)
By Real Estate Daily News
Richmond American Homes of Arizona has made another decisive move in the Northwest Tucson housing market at Saguaro Reserve at Dove Mountain, acquiring more than 100 residential lots in the Saguaro Reserve subdivisions at Dove Mountain.
On September 4, Richmond American closed on two related transactions totaling $7.73 million, securing 118 platted and engineered lots across Saguaro Reserve II and III.
The first purchase involved 34 lots in Saguaro Reserve III for $2.55 million, or roughly $75,000 per lot, from Pusch Ridge Christian Academy, Inc. The 50.27-acre site, located along West Saguaro Perch Way, was sold as a fully engineered and platted subdivision intended for single-family home construction.
The second deal was significantly larger: 84 lots spanning Saguaro Reserve II and III were acquired for $5.18 million, or about $61,666 per lot, from longtime Dove Mountain master developer Cottonwood Properties, Inc. This transaction was structured as part of a double escrow and rolling option, underscoring Cottonwood’s ongoing land disposition strategy and Richmond’s aggressive lot-take-down program at Dove Mountain.
