Lennar Arizona, Inc. of Gilbert paid about $4.248 million cash to acquire a portion of Sunset Farms, a planned community in west Phoenix.
Included in the sale were 177 final platted and engineered lots. With estimated improvement costs, finished lots are anticipated to be delivered between $1,225-$1,250 per front foot. The lots consisted of 177- 50′ x 115′ final platted lots.
The Seller on the transaction was New World Properties, Inc, a Phoenix/Tucson investment group consisting of various entities, including New Era Phoenix, LLC and New Era Sunset, LLC which control several properties throughout the area and which are managed by Mark Brown of Scottsdale, AZ. Lennar’s representatives are Jeff Gunderson, Senior VP of Land Acquisition and Erik Molina, VP of Land Acquisition, who closed this escrow in 28 days.
Chris Benjamin and Rick Jellies of City to City Commercial Real Estate, Scottsdale, AZ, represented the Seller. New World Properties is continuing entitlement of numerous parcels in Sunset Farms for future builder sales. Interested parties can Contact Chris Benjamin at City to City Commercial Real Estate exclusively representing the seller at 480-355-2222. Other inquiries can be directed to Mr. Brown at 602-469-3027. Jeff Gunderson at 480-777-4614 or Erik Molina at 480-476-8442.