Terravista, a 156-lot residential development site located at Rooks Road and MC-85, SEC in Buckeye, Arizona, has sold for $5,156,000. The seller Marbuck, LLC was represented in the transaction by Kidder Mathews commercial real estate broker Brian Rosella. The buyer was LGI Homes, a Texas-based builder of new construction homes and housing developments.
Terravista is one of the last partially finished lot subdivisions in West Valley, leftover from the downturn.
“Homebuilders are selling homes faster than they can build them, and trying to keep up with future lot supply has been increasingly more difficult,” said Rosella, senior vice president at Kidder Mathews.
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 21 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 $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.