Tag Archives: JEN Partners

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JEN Partners closes land deals in Gilbert

JEN Partners closed five separate land transactions totaling 163.79 acres and 569 lots, in the master planned community known as the Bridges at Gilbert – located just east of the northeast corner of Higley and Ocotillo Roads in Gilbert.   JEN Partners sold to local builders: Maracay Homes, Lennar, Taylor Morrison, David Weekly/TW Lewis, Shea, and Woodside for $23,114,317. All transactions were negotiated by Nathan and Associates Inc.

According to JEN Partners’ Mike Jesberger, “We’re pleased to work with these builders to bring the Bridges at Gilbert community to the marketplace.  We will continue to work together to develop the property and look forward to seeing it take shape.”

“Maracay is very pleased to join these other builders in developing this master planned community in the heart of Gilbert and the East Valley,” said Tom Lemon, Vice President of land acquisitions and development for Maracay Homes.

The Bridges at Gilbert community will include the following lots: 111, 45’x115’ lots on 24.42 acres purchased by Lennar; 97, 60’x120’ lots on 30.48 acres purchased by Taylor Morrison; 78, 80’x130’ lots on 35.49 acres purchased by David Weekly/TW Lewis; and 97, 45’x115’ lots on 20.49 acres purchased by Shea Homes.

JEN Arizona 5 LLC, a Land Banking entity controlled by JEN Partners and managed locally by TerraWest Communities, purchased the remaining 113, 50’x115’ lots and 73, 70’x125’ lots, totaling 52.9 acres for $7,886,163. Under separate Option Agreements JEN Arizona 5 LLC will sell the 73, 70’ lots and 67, 50’ lots to Maracay Homes and 46, 50’ lots to Woodside.

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Maracay Homes, JEN Partners Close Of 74 Lots In Chandler

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.