A 38-acre residential development site located at the southeast corner of 128th Street and Ranch Gate Road in Scottsdale, Arizona, has sold to Weekley Homes LLC, a builder of luxury homes, for $16 million.
Kidder Mathews Senior Vice President Brian Rosella and Senior Associate Joseph Calistri represented the seller, Ranch Gate 40 LLC.
One of the last remaining large parcels available for residential development in the highly sought-after North Scottsdale submarket, the property offers the potential for 32 single-family homes.
Strong property values and the success of comparable residential developments in the surrounding area demonstrate continued demand for single-family housing in this market.
“This deal illustrates the ‘flight to quality’ mindset that developers and homebuilders are implementing in their regional acquisition strategies throughout Arizona,” said Rosella. “Large residential development opportunities in desirable locations are increasingly difficult to find, making this a great deal for all involved.”
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Nevada, Arizona, and Texas. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages 55 million square feet of space, and conducts nearly 2,700 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
