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Jun. 28, 2013

Lennar, Richmond American Homes Puchase Finished Lots

By Amalia Otet, Associate Editor

Lennar Homes, a subsidiary of Miami, Fla. – based Lennar Corp., expanded its Tucson footprint by acquiring control of 108 finished residential lots in Block 18 at Star Valley, a master-planned community off Camino Verde and Los Reales on the southwest side.

Lennar paid $3.024 million for the ensemble, or $28,000 per lot. Will White of Arizona Land Advisors in Tucson represented the sellers, Miamonte Holdings, Miramonte Homes and Borderland Star Valley of Tucson, in the transaction, according to the Real Estate Daily News.

This is not Lennar’s first foray into the Tucson single-family market; in 2010, the company purchased 123 finished lots in block 13 at Star Valley for $22,500 per lot.

Lennar communities offer a variety of floor plans and home models, including Next Gen – The Home Within A Home. Catering to multi-generational families, the house accommodates dual living arrangements and includes a suite with direct access to the main home while featuring a separate entrance, living space, kitchenette, bedroom and bathroom.

Meanwhile, Richmond American Homes of Arizona has acquired 125 residential lots in the Eagle Crest V from CRVI H-AZCO LLC, an entity affiliated with Austin-based Cypress Real Estate Advisors. The purchase price was $1.86 million or $14,840 per lot, as reported by Inside Tucson Business.

Nestled in the foothills of the Santa Catalina Mountains, the master-planned community is located off Oracle Road about six miles north of Tangerine Road, in Pinal County.

Photo credits: Lennar Tucson

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