Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold Phase 1 of its Desert Moon Estates property. Located in Buckeye, Arizona, the first phase includes 254 lots, and was sold to Forestar (USA) Real Estate Group Inc. who will develop the site.
Originally approved for 739 homes, Shopoff acquired Desert Moon Estates in 2009, with a plan to hold the property during market recovery from the great recession. During the hold period, Shopoff created value by re-engineering the site to provide improved lot segmentation and to reduce costs to finish the lots with value engineering.
“Seeing this project reach the next stage of development is a great success for our team, as well as Buckeye residents in need of quality housing,” explained Shopoff Realty Investments President and CEO William Shopoff. “Desert Moon Estates will be developed in three phases, and will ultimately provide more than 700 new homes for current and future Buckeye residents.”
Located in the western-most suburb of the Phoenix metropolitan area, Buckeye has seen a variety of suburban development over the past 20 years, with new single-family subdivisions, a new high school to the south, and several suburban shopping centers nearby. Desert Moon Estates’ direct access to Interstate 10 will provide future residents with convenient access to the greater Phoenix MSA.
Brian Rupp, Shopoff’s Executive Vice President of Development added, “Working closely with the city, we are thrilled to get this project across the finish line and ultimately benefit this growing community. A short 30-minute commute to downtown Phoenix, Buckeye has provided a great option for people who work in the city but would like a more suburban and affordable living community.”
Greg Vogel and Ryan Semro from Land Advisors in Phoenix marketed the property and were the brokers for the transaction.