Meritage Homes of Arizona, a builder of energy-efficient homes, has purchased Camino Crossing, a planned residential development site in Maricopa County, Arizona, for $5,449,882. The seller was Kimco El Mirage, LLC. Commercial real estate broker Brian Rosella, now with Kidder Mathews, represented Meritage Homes in the transaction.
The 24.22-acre site is located at the northeast corner of Williams Drive and El Mirage Road in El Mirage, Arizona. The development plans consist of 123, 45-foot by 115-foot lots.
“This deal shows the continued trend by homebuilders to fill their pipeline as homes are selling at an accelerated rate, given the huge in-migration flux and low-interest-rate environment. Demand for housing is at a level not seen in 15 years,” said Rosella.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.