TerraWest Communities

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ANOTHER PRIME CHANDLER PARCEL; TERRAWEST TO LAND BANK


March 17, 2014 – Chandler –
Maracay Homes will soon have four diversified product lines within one mile of the intersection of Ocotillo and Gilbert Roads in South Chandler. According to public record (click here to view the affidavit), JEN Partners/TerraWest Communities closed on an approximate 15 acre site at the north west corner of Ocotillo and Gilbert Roads. The site received preliminary plat approval by the Chandler City Council at its October 24, 2013 meeting (click here to view the plat submittal). Submittal documents show Maracay Homes will be the vertical builder. The site is being branded as La Esquina and is planned for 79 – z lot configuration lots. Typical lot sizes alter from 42’x95’ to 52’x95’. The deal closed March 12, 2014 for $3,650,000 ($46,203 per lot / $983 per front foot).

Maracay is currently active just west of the north west corner of Ocotillo and Gilbert Roads at its Artesian Ranch subdivision, which is a 65 front foot community. Maracay is also currently active just east of the south east corner of Lindsay and Ocotillo Roads at its Vaquero Ranch subdivision, which is a 60 front foot community. As reported in the Dealmaker last week, Maracay also recently closed on 47 – 90’x140’ lots within the Layton Lakes Master Planned Community which is north and east of the north east corner of Gilbert and Ocotillo Roads.

Courtesy of roselawgroupreporter.com

TERRAWEST COMMUNITIES/JEN PARTNERS CONTINUES LAND BANKING PUSH WITH LATEST ASHTON WOODS DEAL


October 23, 2013 – Chandler –
TerraWest/JEN closed yet another land banking deal Monday, October 21, 2013. According to public record (click here to view affidavit 1 / affidavit 2 / affidavit 3 / affidavit 4 / affidavit 5), Jen Arizona 12 LLC closed on 57-80’x135’ platted and engineered lots in Chandler. The transaction included the sale of a final platted subdivision and several adjacent parcels. In total, TerraWest/JEN closed on the entire site through five separate transactions with five different sellers. The combined purchase price was $3,885,049 ($68,159 per P&E lot / $852 per P&E front foot). TerraWest/JEN subsequently recorded an option agreement with Ashton Woods Homes who will draw down the lots once developed.

The site, Jacaranda Place, is located between Gilbert and Lindsey Roads along Riggs Road in Belfiore Real Estate Consulting’s South Chandler submarket. Ashton Woods worked with the seller to replat the site from 24-110’x160’ lots into the 57-80’x135 plat. Ashton Woods was able to accommodate the increased lot configuration by also working with several adjacent parcel owners. The final plat was approved by the Chandler City Council at its August 15, 2013 meeting.

According to Mari Flynn, Director of Land Entitlement for Ashton Woods, site development will begin immediately. Sales are estimated to begin June 2014 with a grand opening slated for July 14, 2014.

Courtesy of roselawgroupreporter.com

PEORIA CONTINUES TO WELCOME NEW DEVELOPMENT


September 18, 2013 – Peoria –
The JEN Partners / TerraWest Communities Partnership struck again Monday with its most recent land transaction in North Peoria. According to public record, JEN Arizona 13 LLC (JEN/TerraWest) closed on 117 partially developed lots within the Florenza subdivision (E of NEC Tierra Del Rio Blvd & Happy Valley Pkwy). The subdivision includes 117 – 75’x125’ partially developed lots (site has been mass graded). The transaction closed 9/16/2013 for $8,482,500 ($72,500 per partially improved lot / $967 per partially improved front foot). Immediately after the closing, JEN/TerraWest then recorded a memorandum of option agreement with Meritage Homes that shows Meritage will draw down all 117 lots.

The seller in the transaction was the Dolphin/Quantum joint Venture, DQFlorenza LLC. Dolphin/Quantum originally acquired Florenza 12/31/2008 from U.S. Development Land through a deed in lieu of foreclosure sale.

Courtesy of roselawgroupreporter.com

‘THE BRIDGES’ AT GILBERT STEPS UP AS REGION’S NEXT BIG HOUSING DEVELOPMENT


August 21, 2013 – Gilbert –
With its size and expeditious growth so far, Mesa’s Eastmark has understandably stolen much of the attention paid to real estate in the East Valley this summer. But at 480 acres, with 1,600 lots planned, The Bridges at Gilbert has quickly become the next big addition to the local housing market.

“It was a dead project,” explained Nate Nathan, president of Scottsdale-based Nathan and Associates. “The old developer designed the rear-loaded, green core, high-density stuff and the market changed and nobody was developing.”

That was before Nathan’s firm helped broker a $23 million deal with Terra West Communities to bring The Bridges back to life a little more than two years ago. Under Terra West, The Bridges took new shape. Located at the southeast corner of Higley and Queen Creek roads, it now includes bigger lots, more parks and water features.

“We purchased the property and replanned it and re-entitled it and then sold it to the builders currently developing the property,” said Mike Jesberger, Terra West principal. “We replanned it for a more traditional single-family lot product, which is what the customer wants these days.”

Today, 11 builders are preparing lots and model homes on the site. Some have already begun pre-sales. The project highlights the interest buyers and home builders have in the Southeast region of the Valley, Nathan said. From jobs to transportation to entertainment, it’s where people want to be, he said.

“The bottom line is we’ve created 45,500 jobs. The whole Valley is on fire, but it’s a supply and demand thing,” he said. “We have huge job growth, a lot of it in the Southeast Valley. So Bridges, Eastmark, Morrison Ranch, Adobe Trails, Ocotillo are booming. We’re back.” Jesberger said there was so much interest in The Bridges, that some home builders were not able to get into the project. “We had to choose which builders we thought could actually pay the money to close the deal. It’s a very good, diverse builder line up,” he said.

The builders are Pulte, Ashton Woods, Lennar, Shea, TW Lewis/David Weekley, Meritage, Taylor Morrison, Maracay, Shea, Woodside and Gehan Homes, which is making its East Valley debut with The Bridges.

New home permits in Gilbert have been steady this year, with 174 permits in July and 197 approved in June, the biggest month to date. In the first sixth months of 2013, Gilbert has approved 1,251 new home permits. That’s down 26 percent from the same period last year.

But Gilbert’s Development Services Director Kyle Mieras said that’s because when the housing market crashed, many lots were finished but sat vacant. When building started to improve last year, those lots were ready to build on. This year, home builders need more time preparing lots again. “There are sticks coming out of the ground right now. Models are up. It’s going to be a big development,” he said.

Gilbert still leads the Valley in the number of new home permits approved. Only Phoenix is close, with 1,102 new permits approved so far this year. Last year, Gilbert approved 2,418 new home permits.

In addition to the 1,600 homes that are planned at The Bridges, the project includes a 20-acre school site donated to the Higley Unified School District. The district’s board approved a bond question for the November ballot that would include funds to build a school there.

Home building in the East Valley has been on a steady incline. From Mesa’s Eastmark — a 5-square-mile master planned community — to new phases of Gilbert’s Morrison Ranch and continued construction at Adora Trails, new home sales are picking up from their anemic rate of just a few years ago.

Ken Peterson, vice president of sales and marketing for Shea Homes Arizona, reiterated the interest in the East Valley. “As a builder, the East Valley and Gilbert have always been hot spots and even at the low point of the market, homes still sold. Most of our communities in Gilbert have sold out faster than projected because of the demand for the area and we are thrilled to be one of the first builders at Bridges opening models in late September, although we are starting sales from our Marbella offices at the end of August,” he said in an email. “Buyers have been responsive to our newest product, Shea3D, that we just launched at Marbella. We had over 500 visitors to the community the opening weekend and we just released more lots to meet the demand that we are seeing. With low interest rates and a demand for the limited land opportunities in Gilbert, we are excited about the reaction we are getting from the market and anticipate an equally positive response once we open at Bridges.”

Courtesy of eastvalleytribune.com

AV HOMES AND JEN PSRTNERS ACQUIRE 527 ACRES AT EASTMARK


November 27, 2012 – Scottsdale
(GLOBE NEWSWIRE) — Scottsdale-based AV Homes, Inc. (Nasdaq:AVHI) and JEN Partners, LLC, a New York City-based residential investment company, through a newly formed entity, acquired 527-acres at Eastmark, DMB Associates’ newest large-scale integrated community in Mesa. AV Homes’ investment was $18.6 million; JEN Partners investment was $13.6 million.

AV Homes will control 310 acres on which it plans to build approximately 1,000 homes under its Vitalia active adult brand. JEN Partners plans to develop the remaining 217-acre into a gated executive club community where it will sell approximately 550 developed home sites to a select group of luxury home builders.

AV Homes Executive Vice President Carl Mulac said the opportunity to be associated with Eastmark gives the company strong positions in both the East and West Valley active adult markets. “Eastmark is clearly one of the best development locations in the region. As the local home building industry continues to improve, we will be well positioned to serve active adults in two proven markets,” he said. The company is currently building at its CantaMia active adult community located in the West Valley’s Estrella master-planned community.

Mulac said the company is developing its plans for new housing product and the community amenities at Eastmark. He noted that the new active adult community will include an extensive open-space/trail system in lieu of a golf course as there are numerous public courses in the area. Pending entitlements, groundbreaking for the active adult community is expected to occur in early 2014 with the first home closing anticipated in late 2014. This will follow the grand opening of Eastmark in May of 2013.

Phoenix-based TerraWest Management Company, LLC will manage entitlement and land development activities on behalf of the companies. TerraWest’s Managing Member Mike Jesberger said that JEN Partners’ executive club community will be attractive to executives who are employed at a growing number of companies that have established, or are establishing operations in the nearby area. “We are planning a community that will offer an exceptional lifestyle opportunity and luxury homes from some of the Valley’s most distinguished builders,” Jesberger said. The timeline for development of the executive club mirrors that of the active adult community, and Jesberger noted that he is currently in negotiations with a number of possible homebuilding partners.

“In researching the growth of this market and the demographics of the area, we recognized early on the opportunity to bring a new active adult community to Eastmark. This phase of the development will enhance our vision for an integrated, vibrant community,” said Dea McDonald, Senior Vice President of DMB Associates and General Manager of Eastmark. “We have always envisioned the addition of an executive enclave at Eastmark. Our proximity to so many employers and to a world-class airport makes this a desirable location for this kind of community.”

Courtesy of money.cnn.com

MORE THAN 500 ACRES AT FORMER GM PROVING GROUNDS IN MESA SOLD FOR $32M


November 27, 2012 – Mesa –
Despite blueprints for a world-class resort being abruptly put on the back burner this summer, Scottsdale-based DMB Associates Inc. is keeping the ball rolling for the residential component of the Eastmark master planned community.

A local home builder and a New York-based private equity real estate fund recently handed over a combined $32.2 million to acquire 527 acres at the former GM Proving Grounds in east Mesa. That’s where the groundbreaking on about 1,550 active-adult and luxury homes is slated for early 2014, the companies said in a statement Tuesday afternoon.

More than half of the price tag — $18.6 million — was paid by Scottsdale-based AV Homes Inc. (NASDAQ: AVHI), which will control 310 of those acres. AV Homes plans to erect an active-adult community that will include about 1,000 homes.

Carl Mulac, executive vice president of AV Homes, said its housing product at Eastmark is still in the design phase, but the community will include a trail system rather than a golf course as initially planned because the surrounding area has many public courses. The groundbreaking is still pending entitlements from the city, but is tentatively planned for early 2014 with the first home closing expected by the end of that year, Mulac said.

Read the entire article at bizjournals.com

MERITAGE SPENDS $13+ MILLION FOR LAND FOR 235 P&E LOTS WITHIN GILBERT COMMUNITY


September 14, 2012 – Gilbert –
Meritage Homes of Arizona Inc. in Scottsdale (Fred Hermann, div. pres.) paid $13+ million in cash to buy 235 platted and engineered lots within the Bridges at Gilbert community in the southeast Valley. The seller was Bridges North L.P., a company formed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal) and Terra West Management Co. LLC in Phoenix (Mike Jesberger, principal). The deal was brokered by Nate Nathan, Dave Mullard, Casey Christensen and Ryan Duncan of Nathan & Associates Inc. in Scottsdale. Of the home sites, 70 will average 7,500 sq. ft. (60×125), 94 will average 9,100 sq. ft. (70×130) and 71 will average 12,600 sq. ft. (90×140). The lots acquired by Meritage are located near the southwest corner of Recker and Queen Creek roads. Michael IlesCremieux, v.p. of land acquisition for Meritage, says the company will build homes ranging from about 2,200 sq. ft. to 5,600 sq. ft. Pricing is projected to run from the mid-$200,000’s to the mid-$400,000’s. Look for models to open by May 2013. Meritage Homes of Arizona is a division of Meritage Homes Corp. in Scottsdale (NYSE:MTH, Steve Hilton, CEO). The company has been among the most active builders in the Phoenix area. In June, BREW reported Meritage paying $13 million to buy a 88.82-acre parcel in Gilbert that the builder is targeting for a 218-lot community called Velvendo. In May, BREW reported Meritage paying $15.304 million to purchase 259 lots in communities in Peoria and in Phoenix. The sale to Meritage at Bridges at Gilbert concludes all of the builder deals within the community. Three weeks ago, BREW reported six other Valley builders taking control of 569 lots within Bridges at Gilbert community in the southeast Valley in deals totaling $23+ million. In April 2011, BREW reported companies formed by JEN Partners and Terra West Management Co. paying a combined $23 million to buy the 298-acre planned community. A company formed by Larry Miller of Miller Holdings Inc. in Scottsdale started the development, but lost the property to foreclosure. In all, the community is targeted for 867 single-family homes that will be built by seven builders.

Get more from IlesCremieux and Hermann at (480) 303-6700. Talk to the Nathan & Associates agents by calling (480) 367-0700.

Courtesy of brewaz.com

$23+ MILLION GENERATED FROM SALE OF 569 LOTS TO SIX BUILDERS AT BRIDGES COMMUNITY


August 24, 2012 – Gilbert –
Six Valley builders have taken control of 569 lots within the Bridges at Gilbert community in the southeast Valley in deals totaling $23+ million. With two remaining transactions set to close by year-end, the joint venture that took over the community stands to earn a profit of $16 million in an investment that, from start to finish, will take less than two years. In April 2011, BREW reported companies formed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal) and Terra West Management Co. LLC in Phoenix (Mike Jesberger, principal) paying a combined $23 million to buy the 298-acre planned community. A company formed by Larry Miller of Miller Holdings Inc. in Scottsdale started the development, but lost the property to foreclosure. The project is located at the southeast corner of Queen Creek and Higley roads. In all, the community is targeted for 867 single-family homes that will be built by seven builders. When BREW reported the JEN Partners/Terra West venture buying the land 16 months ago, Jesberger estimated that the venture would hold the land for three to five years and then sell parcels to multiple home builders. As it turns out, the partnership will have sold the property in about half the time it thought it would take if the two remaining sales close as scheduled. “We are very happy,” says Jesberger. The Bridges at Gilbert is being marketed by Nate Nathan, Dave Mullard, Casey Christensen and Ryan Duncan of Nathan & Associates Inc. in Scottsdale. The home sites that are closed are all platted and engineered lots. All of the sales were cash deals. Here is the builder, number of lots and dimensions and purchase price of each closed transaction: Lennar Arizona Inc., 111 home sites averaging 5,175 sq. ft. (45×115), $3.643 million; Maracay Homes LLC, 73 lots averaging 9,100 sq. ft. (70×130), $3.572 million, Maracay Homes, 67 lots averaging 5,750 sq. ft. (50×115), $2.558 million; Woodside Homes of Arizona, 46 home sites averaging 5,750 sq. ft. (50×115), $1.756 million; Shea Homes of Phoenix Inc., 99 home sites averaging 5,175 sq. ft. (45×115), $3.028 million; Taylor Morrison/Arizona Inc., 97 lots averaging 5,175 sq. ft. (45×115), $4.062 million, and T.W. Lewis Co. (David Weekly Homes), 78 lots averaging 10,400 sq. ft. (80×130), $4.495 million. The buyer for the lots controlled by Maracay and Woodside is actually JEN Arizona 5 LLC, a venture formed by JEN Partners and Terra West. The venture is land-banking the home sites for Maracay and Woodside and will sell the home builders developed lots though a rolling option agreement. JEN Arizona 5 LLC paid $7.886+ million to buy those 186 platted and engineered home sites. No word on how much Maracay and Woodside will pay for the lots in the option deal. In two transactions involving 113 acres of raw land at Bridges at Gilbert, Meritage Homes of Arizona Inc. and Woodside will pay a combined $16+ million to acquire the two remaining parcels within the community. In a $13+ million sale set to close in late September, Meritage is buying 93 acres that is targeted for 228 lots. Those home sites are expected to average 7,200 sq. ft. (60×120), 9,100 sq. ft. (70×130) and 11,700 sq. ft. (90×130). And in a $3+ million deal scheduled to close in mid-December, Woodside is purchasing 20 acres that is planned for 70 lots. Those home sites will average 6,325 sq. ft. (55×115). Both Meritage and Woodside are doing the entitlement work on those parcels. The first models at Bridges at Gilbert should be completed by fourth quarter 2013. The community is expected to feature residences ranging from about 1,200 sq. ft. to around 4,000 sq. ft. The three-, four- and five-bedroom units are likely to be priced from the low $200,000’s to the mid-$400,000’s. Jesberger says both Terra West and JEN Partners are looking for additional land-banking opportunities in the Phoenix area.

Find out more from Jesberger at (602) 920-1722. The phone number at JEN Partners is (212) 755-4300. Alan Jones of Lennar Homes is at (480) 345-0077. Tom Lemon of Maracay Homes is at (480) 970-6000. Gene Morrison of Woodside Homes is at (480) 755-0801. Michael IlesCremieux of Meritage is at (480) 303-6700. David Garcia of Shea Homes is at (480) 348-6000. Tom Hennessy of Taylor Morrison is at (480) 344-7000. Pat Adler of T.W. Lewis is at (480) 820-0807. Talk to the Nathan & Associates agents by calling (480) 367-0700.

Courtesy of brewaz.com

PASTORINO DAIRY SOLD FOR $2.3M, TO BECOME HOUSING DEVELOPMENT


August 3, 2012 – Chandler –
Suburban life and its rows of minivan-filled driveways, backyard swimming pools and wood-framed homes soon will be the demise of Pastorino Dairy, one of Chandler’s last remaining dairy farms.

Located near the southeast corner of Ocotillo and Lindsay roads, the 23.8 acre dairy farm was annexed and rezoned by the Chandler City Council earlier this year, allowing Scottsdale-based Maracay Homes to build 74 single-family houses that will collectively be called the Vaquero Ranch community upon the grand opening next spring, the home builder said in a statement this week.

Maracay and land bank JEN Partners LLC together recently closed on the deal to buy the property for $2.3 million. Development plans call for new homes ranging in size from 1,800 to 3,700 square feet. Pricing, however, won’t be determined until the kick-off next year, Maracay said.

JEN Partners, a New York-based private equity real estate fund, was the land buyer of record. The seller was the estate of Londo Pastorino. Through separate agreements, JEN Partners will sell home sites to Maracay via its other entity, Maracay VR LLC, on a rolling option basis.

Pastorino Dairy, according to the Maricopa County Assessor’s Office, is one of four dairy farms in the East Valley city, including Creamland Properties near McQueen Road and Loop 202, Kuiper Dairy near Willis and Price roads and Hamstra Holdings near McQueen and Queen Creek roads.

Pastorino isn’t the only dairy taken over by Maracay. In 2007, the home builder took over the soacre Dugan Dairy at the southeast corner of Germann and Dobson roads in Chandler, which was owned by the city’s former mayor, Richard Dugan, from 1988 to 1990. Today, the site includes about 100 homes collectively known as the Stonefield Enclave neighborhood.

Courtesy of Phoenix Business Journal

JEN PARTNERS/TERRA WEST VENTURE SPENDS $23 MILLION FOR BRIDGES LAND IN GILBERT


April 8, 2011 – Gilbert –
Companies formed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal) and Terra West Management Co. LLC in Phoenix (Mike Jesberger, principal) paid a combined $23 million to buy 298 acres within a community in Gilbert called The Bridges at Gilbert. The seller in three transaction was AG/RW – Bridges LLC, a venture formed by Angelo, Gordon & Co. in New York City, N.Y. (John Angelo, Michael Gordon, partners) and Ridgewood Real Estate Partners in Florham Park, N.J. (Jonathan Grebow, pres.). The cash deal was negotiated by Nate Nathan, Dave Mullard, Casey Christensen and Ryan Duncan of Nathan & Associates Inc. in Scottsdale. The community is located at the southeast corner of Queen Creek and Higley roads. The property is targeted for about 1,000 single family homes and 350 multi-family units. Jesberger says the venture will hold the land for three to five years and then sell parcels to multiple home builders. Nathan & Associates will assist in marketing. JEN Partners, a private equity real estate firm, invests in residential property and focuses on Arizona, California and Florida. JEN Partners has teamed up with Jesberger to purchase several real estate assets in Arizona and Southern Nevada. Jesberger says the partnership is looking to buy more properties in those areas. In July 2009, BREW reported a company formed by JEN Partners and Terra West paying $5.175 million to buy 346 finished lots and 6 completed model homes within the San Tan Heights community in Pinal County. The 1,550-acre San Tan Heights community is at the southeast corner of Thompson Road and Hunt Highway. In August 2009, BREW reported the AG/Ridgewood venture paying $21.3 million to buy the land sold to JEN Partners/Terra West and 339 partially finished lots within The Bridges at Gilbert. The AG/Ridgewood company still owns the partially developed home sites. Nathan & Associates will be marketing those lots down the road. In March 2009, BREW reported AmTrust Bank foreclosing on the Bridges at Gilbert property. The land was previously owned by companies formed by Larry Miller of Miller Holdings Inc. in Scottsdale. Get more from Jesberger at (602) 920-1722. The phone number at JEN Partners is (212) 755-4300. Will Abbate is the contact at Angelo, Gordon . . . reach him at (310) 777-5445. Talk to Grebow at (973) 593-0003. Call the Nathan & Associates agents at (480) 367-0700.

Courtesy of brewaz.com

JEN PARTNERS BUYS 352 LOTS WITHIN SAN TAN HEIGHTS COMMUNITY IN PINAL COUNTY


July 24 2009 – Pinal County – A company formed by JEN Partners in New York City (Reuben Leibowitz, principal) paid $5.175 million to buy 346 finished lots and 6 completed model homes within the San Tan Heights community in Pinal County. The buying entity, which paid cash, was JEN Arizona Acquisitions 1 LLC. That company was formed by JEN Partners and Mike Jesberger, formerly a principal with Element Homes in Phoenix. The seller was a company formed by GMAC Mortgage Corp. in Duluth, Ga. The buyer was represented by Nate Nathan, Dave Mullard and Casey Christensen of Nathan & Associates Inc. in Scottsdale. The seller was represented by Greg Vogel of Land Advisors Organization in Scottsdale, and Mike Chasse, formerly of LAO and now with Strategic Assets Group in Scottsdale. The 1,550-acre San Tan Heights community is at the southeast corner of Thompson Road and Hunt Highway. San Tan Heights was assembled and developed by Larry Miller of Miller Holdings Inc. in Scottsdale. Another company owned by Miller called Elite Communities was the builder of the six model homes sold to JEN Partners. The lots and completed residences were foreclosed by GMAC. On the same day of the purchase from GMAC, JEN Arizona Acquisitions resold the model homes for $590,000 to Bridgeport Financial Services LLC in Gilbert (Josh Simonton, principal). That sale was brokered by Ryan Larsen of East Valley Land Group in Mesa. JEN Arizona Acquisitions will resell the lots to multiple home builders. Nathan & Association has the marketing assignment. Of the lots, 188 average 4,950 sq. ft. (45×110), 83 average 6,050 sq. ft. (55×110), 67 average 8,060 sq. ft. (65×124) and 8 average 45,269 sq. ft. (203×222).

JEN Partners, a private equity real estate firm, has teamed up with Jesberger to purchase the San Tan Heights property and other real estate assets in Arizona and Southern Nevada. Jesberger says the partnership will spend as much as $50 million on properties in those areas. Most of the deals figure to be residential land that the partnership will be able to sell to home builders. The partnership will operate under the name TerraWest Communities Inc. The land acquisition is the first in the Valley for JEN Partners and Jesberger. Last month, BREW reported JEN Partners committing start-up financing for Carl Mulac, a longtime Valley home builder who formed Joseph Carl Homes to build mid-priced residences in the Phoenix area.

Find out more from Jesberger at (602) 920-1722.
Reach representatives of JEN Partners at (212) 755-4300.
Call the Nathan & Associates agents at (480) 367-0700.
Talk to Vogel at (480) 483-8100. Chasse is at (480) 664-8833.

Courtesy of brewaz.com

JOSEPH CARL HOMES SPENDS $8.5 MILLION FOR PROVINCE AT ESTRELLA COMMUNITY


Oct 2 2009 – Goodyear –
A company formed by Joseph Carl Homes in Scottsdale (Carl Mulac, pres.) paid $8.5 million to buy 643 finished and partially developed lots with the Province at Estrella age-restricted community in Goodyear. The seller was a consortium of lenders, including JP Morgan Chase Bank. The cash sale was brokered by Nate Nathan and Dave Mullard of Nathan & Associates Inc. in Scottsdale. The purchase included 14 completed models, a 16,000-square-foot sales center and a partially built recreation center. The community was started by Engle Homes/Arizona Inc. in Phoenix and foreclosed by the group of lenders. The land, which takes in the first phase of the planned age-restricted community, is located at the northwest corner of Estrella Parkway and Pecos Road. Mulac, who previously served as pres. for Engle Homes in Phoenix, will now complete the project as the head of Joseph Carl Homes. Mulac says he will likely change the name of the development, but it will continue to be age-restricted. Sales are expected to begin in January. Build out projected to take four or five years. Four different product lines will have residences ranging from 1,100 sq. ft. to 2,852 sq. ft. Two-, three- and four-bedroom units tentatively will be priced from the low $100,000’s to the mid-$300,000’s. There will be cluster units with attached residences on lots averaging 5,950 sq. ft. (45×110) and homes sites averaging 6,050 sq. ft. (55×110), 7,150 sq. ft. (65×110) and 9,000 sq. ft. (75×120). In June, BREW reported Mulac forming Joseph Carl Homes and planning to build multiple subdivisions in the Valley. To date, the company has three projects underway. Mulac says the company is looking for land for more residential communities in the Phoenix area.

Joseph Carl Homes is backed by JEN Partners in New York City, N.Y. (Reuben Leibowitz, principal). JEN Partners, a private equity real estate firm, invests in residential property and focuses on Arizona, California and Florida. Engle Homes/Arizona, a subsidiary of Technical Olympic USA in Hollywood, Fla. (NASDAQ:TOUS), filed for bankruptcy last year and is in the process of being liquidated.

Get more from Mulac at (480) 306-4592

Courtesy of brewaz.com

TerraWest Communities