By Daniel Benson | Belfiore Real Estate Consulting
D.R. Horton has joined a handful of larger volume builders by jumping into the Arcadia Lite neighborhood in Phoenix. Horton has acquired the Harmony at Arcadia site located off of Earl Drive between 32th Street & 36th Street. The site is approximately 2.3 gross acres and has received final plat approval from the City of Phoenix to accommodate 30 single family attached townhome-style units. According to Joe Risi (Manager: Arcadia 1 LLC / Risi Companies), the seller in the transaction, the deal closed on Tuesday 11/10/2015 for $1,595,000 ($53,167 per unit / $693,478 per acre).
According to Risi, who completed all of the conceptualization & entitlement work for the site, the housing product is modeled after a product that has had great success in the Irvine California Market. All lots will have 10’ rear yards as measured from the house to rear perimeter wall. The product will be two-story and will range in square footage from 2,100 – 2,200 and will accommodate 4-5 bedrooms.
According to public record, Arcadia 1 LLC originally closed on this raw 2.3 acre site back on 1/2/2014. Risi’s original purchase price back in 2014 was $737,500 ($320,652 per acre).
Comments from Jim Belfiore who was engaged as a consultant on the project and provided a market feasibility Study to Risi Companies: “Harmony at Arcadia is an excellent infill site and Joe couldn’t have timed his acquisition and sale any better. Joe jumped into the submarket when others weren’t looking and has now capitalized on the positive movement of the submarket over the last year.”
