Land Advisors Organization Scottsdale team of Ryan Semro, Bret Rinehart, Ben Heglie, Greg Vogel and Mike Schwab represented the Sellers, HE Capital Phase 1 Property LLC (Dallas, TX) in the recent cash transaction completing the purchase of 232 home sites in Surprise, AZ to Lennar Arizona for $17.6+ million.
Of the 232 lots, 112 average 7,200 sq. ft. (60×120) and 120 of the home sites average 8,750 sq. ft. (70×125). Lennar intends to build on the smaller home sites to continue the 212-lot neighborhood called Horizon at Asante. Current pricing in the Horizon subdivision is from the mid-$200,000’s to the low $300,000’s. The larger lots, or a portion of the larger lots, may be sold.
Lennar began assembling the 1,500+ acres of land for Asante in 2004. They expanded the planned mix-use project with the addition of 1,500 acres known as Asante North, bringing the combined total number of residential units to 14,000. In addition to the residential units, plans include commercial use, schools, parks and open space. Lennar is also finishing a final plat to build its Discovery product in a fourth subdivision at Asante, and working to finalize plans to develop Paradiso at Asante, a 1,556-unit active adult community.
For more information regarding the Phoenix metro market and specifically this notable transaction, contact Ryan Semro at rsemro@landadvisors.com, Bret Rinehart at brinehart@landadvisors.com, Ben Heglie at bheglie@landadvisors.com, Greg Vogel at gvogel@landadvisors.com or Mike Schwab at mschwab@landadvisors.com.
