Scottsdale developer sells lots to homebuilders at $2.1B Pinal County project
Dec 27, 2023, 4:05 AM
(Photo by Brian Snider)
El Dorado Holdings Inc. just closed on a major transaction, selling 461 lots to homebuilders at its massive $2.1B master-planned community in Pinal County, south of Phoenix.
The Scottsdale-based developer sold the finished lots within Bella Vista Farms in San Tan Valley for a total of $55.7 million.
Scottsdale’s Meritage Homes Corp. (NYSE: MTH) bought the largest chunk of lots on three parcels, while The New Home Co. and Atlanta-based Beazer Homes each bought a single parcel.
Nate Nathan, Courtney Buck, Ryan Duncan, and Dan Baldwin from Nathan & Associates represented the buyers and seller.
“Bella Vista lies directly in the path of the future growth of the southeast Valley,” said Nathan, president and designated broker for Nathan & Associates. “As Mesa builds out, the San Tan Valley has become a very important part of future growth. It will be serving housing for all the new employment popping up north and south of San Tan Valley.”