AZBigMedia
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold Phase 1 of its Desert Moon Estates property. Located in Buckeye, Arizona, the first phase includes 254 lots, and was sold to Forestar (USA) Real Estate Group Inc. who will develop the site.
Originally approved for 739 homes, Shopoff acquired Desert Moon Estates in 2009, with a plan to hold the property during market recovery from the great recession. During the hold period, Shopoff created value by re-engineering the site to provide improved lot segmentation and to reduce costs to finish the lots with value engineering.
“Seeing this project reach the next stage of development is a great success for our team, as well as Buckeye residents in need of quality housing,” explained Shopoff Realty Investments President and CEO William Shopoff. “Desert Moon Estates will be developed in three phases, and will ultimately provide more than 700 new homes for current and future Buckeye residents.”
