A pair of land sales at the master-planned community of Estrella totaling more than 30 acres will provide much-needed finished lots as homebuilders scramble to meet rising housing needs in Metro Phoenix. 

Land Advisors Organization facilitated the sales, which yielded more than $18 million combined, to Richmond American Homes and Brightland Homes.

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With interest rates dropping, homebuilders could see more competition for homes coming on the market. Phoenix Realtors reported that sellers were reluctant to put homes on the market, and through November 2023, West Valley communities saw new listings drop between 20 percent and 25 percent from 2022.

That could change in 2024 as the West Valley has announced major new employers bringing thousands of new jobs. According to The Arizona Republic, the Valley is still one of the top metro areas nationally for homebuilding and is “poised to see more new houses go up in 2024.”

“We’re excited to bring these two builders back to Estrella. They’ve been successful here in the past, and we’re thrilled they recognize Estrella as the terrific community it is,” said Jeff Zimmerman, Director of Entitlements and Development for Estrella Development Company. “Whether you’re looking for lakeside living, hiking and biking on our 65 miles of trails, or a small town feel just over the hill, Estrella has a tremendous amount to offer.”

Estrella North LLC (Tim Brislin, President of Harvard Investments), sold 15.25 acres for $10.09 million ($174,000 per lot, $661,770 per acre). The buyer was Brightland Homes of Arizona LLC (President Mark Moskal). The parcel is located at the NEC of Estrella Parkway and Cotton Lane in Goodyear.

Estrella North LLC also sold 15.66 acres to Richmond American Homes of Arizona Inc. (President Rick Morris), for $8.6 million ($141,000 per lot, $549,200 per acre). The parcel is also located at the NEC of Estrella Parkway and Cotton Lane in Goodyear.

The Land Advisors team of CEO Greg Vogel, Ryan Semro, Bret Rinehart, Ben Heglie, Max Xander, and Wes Campbell facilitated both deals.

“Estrella is poised to be one of the top-selling master-planned communities not only in Arizona but in the U.S.,” Vogel said. “All the elements of success are in place and it is being further enhanced by the expertise and capital of Harvard Investments and its partners.”