A 269-acre parcel near Desert Ridge Marketplace sold today for a record price in an Arizona State Land Department Auction. It sold for the appraised price of $149 million. This parcel had been on the auction block in the fall of 2006 and failed to sell due to the slowing market. The record sale shows the outlook is getting rosier.
Desert Ridge Holdings purchased the property and plans to put 3,700 housing units on it.
Most of those units will be luxury apartments. There will be 2,800 apartments and other multifamily units (condos), and 900 houses. The company hopes to have the development finished in three to five years.
The area is on the southeast corner of 40th Street and Deer Valley Drive.
In addition to this sale, it is great to note that there are 5 new builders from other parts of the country now entering the Phoenix area market. These builders have realized the benefits to the recent slow period and know what the market potential of the Phoenix area is.
Adam Tarr, ePro
Sharon Kotula, ABR