Lennar picks up balance of Santa Rita Ranch III in Vail, AZ
TUCSON, Arizona — Lennar Homes (NYSE: LEN) has purchased the remaining lots in Phases 2 and 3 at Santa Rita Ranch III, southeast of the intersection of Houghton Road and Sahuarita Road. This purchase was made up of 194 SFR lots (60’X120’ and 70’X120’) for a finished cost of $76,849 per lot, or $14.9 Million. The seller in this transaction was Santa Rita Ranch III, LLC and Santa Rita Ranch III 2015, LLC (Crown West Land Group, Dean Wingert, Vice President).
The Santa Rita Ranch Specific Plan was first approved by the County in 1988 for 2,435-acres and up to 5,307 units. Crown West acquired the Santa Rita Ranch III portion in 2013, a total of 182 acres and 330-lots nestled into the foothills of the scenic Santa Rita Mountains.
“Each additional phase of the community climbs higher into the foothills,” Wingert said. “These final 194 lots sit at an elevation of 3,600 to 3,700 feet.”
Wingert told us, Santa Rita Ranch feels away from the city, yet is convenient to everything off Interstate 10 and minutes to major employers along Houghton, at the UA Tech Park, Davis Monthan Air Force Base and Raytheon.
Crown West initially sold and developed the lots in Phase 1 for Lennar and Richmond American Homes. That portion of the project is now completely built and sold out with 136 existing homes. The homesites in the final phase climb high into the foothills with panoramic views of the city and open spaces. The community has a private park, plenty of open space and walking trails.
The community is located within the highly desired Vail School District which brings many families to Santa Rita Ranch, but there are also empty nesters and retirees looking for the convenience, “yet away from the city”.
Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction.
“These last phases of Santa Rita Ranch are exceptional in their setting, topography, and views, White says. “This area continues to be a strong performer year after year and shovel-ready lots in the Tucson metro area are difficult to secure and continue to come at a premium.”
For more information, White and Carroll can be reached at 520.514.7454