JEN Partners closed on 23-acres east of the south-east corner of Ocotillo Road and Lindsay Road in Chandler. Known locally as the Pastorino Dairy, the final plat is approved for 74, 60’ x 120’ lots and was annexed, zoned and platted by Maracay Homes.
Opening spring of 2013, the community will be named Vaquero Ranch and feature Maracay Homes’ 45’ wide home series ranging from 1,800 – 3,700 square feet. Prices will be based on market conditions at opening date.
“This acquisition is a good example of Maracay’s continued pursuit of land opportunities in premium locations with capital efficient transaction structures,” said Tom Lemon, VP of land acquisitions and development for Maracay Homes. “Maracay Homes is excited about the opportunity to develop a land banking relationship with a well capitalized partner that has significant local market and home building expertise.”
JEN Partners, a NY Private Equity Firm managed locally by TerraWest Communities, paid $2.3 million for the property. The seller was the Estate of Londo Pastorino. Under separate agreements with JEN Partners, an entity of Maracay Homes, Maracay VR, LLC, will develop the home sites and purchase them on a rolling option basis.
Donna Bolen of Arizona Enterprises brokered the underlying purchase. No broker was involved in the land bank transaction.