A joint venture group purchased 11,000-acres in Buckeye for $80 million with plans to build a master-planned community on the site. The sale accounts for the largest land purchase in the Buckeye area since the housing market downturn in 2008.
The 11,000-acre area is expected to have more than 41,000 homes at full buildout, and will be called Tartesso, said Kevin Pitts, president of Dolphin Partners.
“No other property that we could find checked all the boxes—our metrics point toward a continued recovery and expansion of the local housing market, and this asset is uniquely located with a full range of amenities to address that growth,” Pitt said.
Stardust Holdings and a related charitable foundation sold the property. Before the downturn the sellers of the land had it fully entitled, and developed more than 3,000 finished lots before the Great Recession.
Pitts said DR Horton already started a new housing development within the newly purchased land, and will be the first housing built within the master-planned community since the recession.
Stardust Holdings and its affiliated charitable foundation were represented by Nathan & Associates, Inc., of Scottsdale, Ariz.