Original Article from the Business Real Estate Weekly of Arizona.
Litchfield Park – Richmond American Homes of Arizona LLC in Scottsdale (David Viger, pres.) paid $2.653 million to purchase 34 partially developed lots located east of the northeast corner of Dysart and Bethany Home roads in Litchfield Park. The seller was Everest Bethany North LLC, a company formed by Everest Holdings in Scottsdale (Joe Blackbourn, principal). The cash deal was negotiated through Nate Nathan and Joe Colucci of Nathan & Associates Inc. in Scottsdale.
The lots average 32,802 sq. ft. (154×213). The subdivision, being called Bethany North, is located immediately north of a 28-lot subdivision Richmond American is nearly sold out of called Bethany South. The builder will use existing models. Residences range from 2,700 sq. ft. to 4,000 sq. ft. Pricing runs from the low to mid-$300,000’s.
In February 2010, BREW reported Richmond American paying $1.736 million to buy 28 developed lots in the Bethany South subdivision located near the southeast corner of Dysart and Camelback roads. Everest Holdings was also the seller in that deal. Those home sites average just under 1-acre, or 43,225 sq. ft. (175×247).
Richmond American Homes of Arizona is a subsidiary of MDC Corp. (NYSE:MDC) in Denver, Colo. Michael Welch, director of land acquisitions at Richmond American, says the company is looking for more property in the Phoenix area to develop additional subdivisions.
In February 2010, BREW reported Everest Holdings paying $1.32 million to purchase the 62 lots in Bethany North and Bethany South. The seller was a company formed by Maracay Homes LLC in Scottsdale, which had intended to build the subdivisions. At the same time of the sale of the Bethany lots, Maracay also sold Everest Holdings 64 platted and engineered lots at the northwest corner of Maryland Avenue and the alignment of 125th Avenue. Everest Holdings paid $230,000 to acquire those home sites.