TUCSON, ARIZONA—Home builders continue to reload at a fast pace in master-planned communities.
KB Home recently purchased an additional 85 lots at Gladden Farm Phase II. The 40×120 lots carried a sale price of $1,140 per finished front foot or $3.876 million ($45,600 per finished lot).
Gladden Farms is a 1,350-acre master planned community in northern Marana, just west of Interstate 10 between Tangerine and Moor Roads. KB has built through 138 lots and 69 lots in Gladden.
The developer of Gladden Farms is Crown West (Dean Wingert, manager) and was also the seller.
Will White and John Carrol with Land Advisors of Tucson handled the transaction.
“The region’s master-planned communities are seeing a huge increase in pace and pricing power this year,” said White. “This is fueling the builder need to replace communities at a faster pace than projected. All great signs for the Tucson market.”
Meritage Homes also acquired more lots at La Estancia this week. The additional 47 lots are 40×115 and sold for $1,208 per finished front foot or $2,257,040 ($48,022 per lot).
The developer, Sunbelt Holdings, was the seller.
White and Carrol with Land Advisors also handled this transaction.
“The lot supply shortage in Tucson is being amplified by a much stronger market. These projects are delivering lots on time and efficiently in order for builders to keep up with demand, maintain pipeline and continue to meet growth projections,” according to White. “These larger projects are the focus for Tucson’s builders and will be for several years.”
For more information, White and Carroll should be reached at 520.514.7454.