Dream Finders Homes enters Phoenix market with two giant land buys
Jul 20, 2024, 5:00 AM
A Florida homebuilder is making its Arizona debut, buying out the rest of Phase IV at Bella Vista Farms in San Tan Valley and taking another 37 acres in Goodyear. (Nathan & Associated Inc.)
(Nathan & Associated Inc.)
A Florida homebuilder is making its Arizona debut with the purchase of nearly 300 lots on opposite ends of metro Phoenix.
Dream Finders Homes Inc. (NYSE: DFH) secured the last piece of Phase IV at Bella Vista Farms master-planned community in San Tan Valley and took another 36.57 acres at El Cidro in Goodyear.
The firm’s land banker, Terra Firma Capital Corp., paid $20.4 million to Dallas-based Landsea Homes Corp. (Nasdaq: LSEA) for 160 lots west of the southwest corner of Cotton Lane and Elwood Street at El Cidro in Goodyear, according to Tempe-based real estate database Vizzda LLC.
“With a high demand for platted and engineered lots in the Phoenix metro area, we saw a great opportunity to diversify our portfolio and sell a parcel in El Cidro to Dream Finders Homes,” said Heather Cammiso, Arizona Division President of Landsea Homes, which also sold 102 lots at El Cidro to Miami-based Lennar Corp. (NYSE: LEN) for $14.01 million in cash last fall.
In the San Tan Valley, Terra Firma paid $6.36 million to Scottsdale-based El Dorado Holdings Inc. for 122 lots north of the northeast corner of Gantzel and Bella Vista roads in Bella Vista Farms, according to Vizzda.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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