Forestar Group acquired 325 planned lots in Buckeye for $5,362,500, according to the commercial real estate tracking website Vizzda. The seller was TGV Investments.
The sale price breaks down to $16,500 per planned lot. The land is located at the northwest corner of Miller Road and Southern Avenue in Buckeye.
READ MORE: DR Horton buys 119 lots in Buckeye for $8M
The lots are planned as a portion of Copper Falls, a master-planned community by KB Home Phoenix and Triyar Management. The master plan was first introduced on Sept. 6, 2005 and approved Oct. 18, 2005. The community is proposed for 639-lot single-family residential subdivision on 176.49 gross acres.
The seller brokers were Bret Rinehart, Ryan Semro, Greg Vogel, and Wes Campbell from Land Advisors Organization.
Forestar Group Inc. is a residential lot development company with operations in 51 markets in 21 states and is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002.
The city of Buckeye’s 56.6% population increase since 2010 made it the second-fastest growing city in the nation for the past decade.
City and town population estimates released by the Census Bureau show Buckeye’s population grew to 79,620 in 2019, a 7.1% increase in just one year and a sizable leap from the 50,851 people who lived in the city in 2010.
As the westernmost suburb of Phoenix, Buckeye is the one major Arizona city between Phoenix and Los Angeles. Besides being a major stop for goods and people traveling between the two metropolises, its location has also made Buckeye an attractive place for California companies looking to relocate, said David Roderique, Buckeye’s economic development director.
“They can’t take the congestion and the cost of regulation and all the problems that California is having, so Buckeye benefits from that,” Roderique said.
Another advantage is Buckeye’s size, sprawling across 640 square miles of largely undeveloped land. Officials said that only 5% of the land inside the city limits is developed. That makes the city a draw for people looking for affordable housing and planned communities, said Annie DeChance, the city’s communications director.
