DR Horton buys 146 lots in North Marana for $5M
Randy Bury, founder and president of Moderne Communities and manager of RB Land Barnett Partners, LLC sold phase two of The Village at Barnett to DR Horton. The 146 platted and engineered lots were purchased for $5 million. DR Horton previously purchased phase one of the project in September 2020.
“Demand for new housing in North Marana continues to grow, which is quickly depleting the number of new buildable communities,” explains Bury. “The area is emerging as a jobs corridor with its easy access to I-10. I expect this sub-market to continue to be strong as interest rates remain low and people keep moving here for our warm weather and outdoor lifestyle.”
Bury began investing in the area in 2011 and previously partnered with Soundview Real Estate Partners on the purchase of three commercial parcels near The Village at Barnett. In 2016, Bury originally purchased 70-acres in North Marana, which included lots for as many as 280 new homes. North Marana now has the infrastructure, as well as plats that are fully approved, allowing homebuilders to immediately proceed to developing lots.
The transaction with DR Horton was handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors also handled the marketing assignment on phase one of The Village at Barnett.
Bury also holds approximately 800 acres that includes 2,500 lots as part of the masterplan community project, Sanders Grove. Sanders Grove is located approximately half a mile north of The Village of Barnett lots. The first phase of Sanders, approximately 500 lots is targeted to come to market later in 2021. Land Advisors will also be handling the marketing at Sanders Grove.
In addition, is currently building the first single-family rental community in North Las Vegas, Moderne at Centennial. The project is now under construction and began leasing in January.
For more information on Bury and his current project visit modernecommunities.com.