AREAD Management Inc., a residential developer, and Varde Partners, a private investment company, have purchased a 290-acre development site in San Tan Valley, Arizona, for $8,700,000. The seller was Skyline & Quail, LLC. Kidder Mathews land broker, Brian Rosella, represented the seller in the transaction.

The development site is planned for Skyline Estates, a residential development planned for over 1,000 lots. It is located at Skyline Drive and Quail Run Lane in Pinal County.

“There have been very few large land transactions within the Johnson Utilities service area lately, but my clients feel confident in their ability to work with the utility provider to create a workable solution in the near term,” said Rosella.

San Tan Valley is in Pinal County, Arizona and is a suburb to Phoenix’s metropolitan area. Housing development in the Southeast Valley of Phoenix continues to spill into Pinal County, and builders and developers are searching for land to feed the housing demand.

“The sale of single-family homes in the Southeast Valley has been on fire since spring and developers are clamoring to find the next area to build,” said Rosella.