Willis Property Sales 91 Lots to Richmond American Homes Corp. in Palo Brea. Read about the transaction in the Phoenix Business Journal here.
“A consortium of investors has sold vacant land to Richmond American Homes Corp. within its Palo Brea Community in the city of Maricopa, about 35 miles south of Phoenix.
The Denver-based homebuilder paid $4.32 million for 91 finished lots at the northeast corner of Highway 347 and Farrell Road.
Brokering the deal was Ryan Willis, a senior sales associate with Willis Property Co. LLC.
His father, Dale Willis, founder of the Mesa brokerage firm, is part of the investor consortium that bought 412 finished lots in that area when the real estate market took a nosedive several years ago.
“They’ve been sitting on the lots for the past 10 years,” said Ryan Willis.
The sale of 91 finished lots to Richmond American Homes represents the first transaction of that community, he said.
The sellers still have another 321 finished lots available.
The property is near the $60 million Copper Sky Recreation Complex, on W. Martin Luther King Jr. Blvd.
“Richmond will be building a bridge from this community to this rec center for pedestrians to walk over it,” he said. It’s also across the street from the UltraStar Ak-Chin Cinemas and Harrah’s Ak-Chin Hotel and Casino.
“The city of Maricopa is becoming one of the fastest-growing cities in the Valley because land prices and construction costs and interest rates are forcing builders to go out to these outer markets so they can target those first-time home buyers,” Willis said.
To speed up traffic flow in the area, the Arizona Department of Transportation is building a $55 million overpass along SR 347 over the Union Pacific Railroad tracks and over Maricopa-Casa Grande Highway, said Tom Herrmann, public information officer for ADOT.
“Trains now cross SR 347 about 30 to 40 times a day, stopping traffic on the city’s primary north-south route,” Hermann said. “That’s expected to go to 100 trains a day by 2040. Traffic counts on SR 347 are now 31,000 a day and are expected to go to 60,000 or more by 2040.”
That overpass is expected to be completed by late 2019, he said.
Richmond American officials could not be reached to discuss the size and price ranges of the new homes.
Several homebuilders have made news around the Valley this past week. Pennsylvania-based Toll Brothers have big plans for a $250 million housing project in Surprise. Scottsdale-based Taylor Morrison also has plans in the northwest Valley city after buying 31 acres in the fast-growing city.”