Meritage Homes of Arizona, a builder of energy-efficient homes, has purchased Camino Crossing, a planned residential development site near El Mirage, Arizona, for $5,449,882. The site is located just south of Loop 303 and El Mirage Road in unincorporated Maricopa County. The seller was Kimco El Mirage, LLC. Commercial real estate broker Brian Rosella, now with Kidder Mathews, represented Meritage Homes in the transaction.
The 24.22-acre site is located at the northeast corner of Williams Drive and El Mirage Road in El Mirage, Arizona. The development plans consist of 123, 45-foot by 115-foot lots.
“This deal shows the continued trend by homebuilders to fill their pipeline as homes are selling at an accelerated rate, given the huge in-migration flux and low-interest-rate environment. Demand for housing is at a level not seen in 15 years,” said Rosella.