Goodyear – Maracay 91, LLC, an entity owned by Maracay Homes (Andy Warren, President) closed on the first 6 lots, three in each of two rolling option transactions in the gated Portales community in Palm Valley Phase VIII North Parcel. The Seller is RES-AZ TARO, LLC, an entity controlled by Rialto Capital (Tony Del Grippo, Director).
The two rolling option transactions include 57 – 80’ x 130’ finished lots and 81 – 70’ x 130’ lots including 26 finished lots and 55 partially finished lots. Rialto will finish the 70’ lots for Maracay. The rolling options include minimum quarterly takedown requirements with staged price escalations over the next several years. The initial purchase price for the 70’ lots was $63,000 each and for the 80’ lots, $77,000 each, with a deferred consideration true-up calculation at each closing of a home with a homebuyer. All in the two transactions represent more than $10 million.
The deal was brokered by Ryan Semro, Bret Rinehart, Mike Schwab and Greg Vogel of the Land Advisors Organization. Maracay is projecting to open for sales in early 2013 with homes ranging from 2200 – 4100 SF on the 70’ wide lots priced from the $200’s into the $300’s, and on the 80’ lots with homes ranging from 2600 – 4700 SF priced from the high $200’s into the high $300’s and above. Tom Lemon, Vice President of Land Acquisitions for Maracay reports that this is the 9th and 10th land transactions they have closed so far this year in the Phoenix metro area and that they are looking for additional land opportunities in both the Phoenix and Tucson metro area markets. Maracay is a wholly owned subsidiary of the Weyerhaeuser Real Estate Company (WRECO) owned by Weyerhaeuser in Seattle WA (NYSE:WY).
Find out more from Andy Warren or Tom Lemon at Maracay at (480) 970-6000. Tony Del Grippo at (480) 783-8656. Land Advisors Organization at (480) 483-8100.
