Tuesday, July 23, 2019 / by Juan Grimaldo
(Image: Provided by The Land Agency)
Meritage Homes bought Parcel 3 at Marbella Ranch in the West Valley.
Meritage Homes Corp. (NYSE: MTH) plopped down $4.3 million for 145 lots within Marbella Ranch in the West Valley, making it the third closing for the Scottsdale-based homebuilder within that master-planned community near Luke Air Force Base.
The 145 lots are final platted, said Patty Lafferty, a founding principal of Scottsdale-based the Land Agency and broker representing Meritage in the deal, along with founding principal Howard Weinstein. The 31-acre parcel represents Parcel 3, she said.
Encompassing about 252 acres, Marbella Ranch is at the northwest corner of Dysart Road and Glendale Avenue. Part of the development lies within unincorporated Maricopa County while part of it also is in Glendale. Entitled for up to 1,260 units, Marbella Ranch is owned by Scottsdale-based Marbella Homes Inc., which is owned by Brian and John Wittrock.
Lee & Associates Principals Mike Sutton and Brent Moser represented the seller in the deal, Marbella Ranch LP.
Marbella is just three miles from Loop 101, Westgate Entertainment District and State Farm Stadium, said Jamie McAndrew, Meritage's Phoenix division vice president of sales.
"It's rare these days to have the opportunity to provide buyers with the quality home, price point and location that we have at Marbella," McAndrews said.
Homes range from 1,613 square feet for a three-bedroom, three-bath home to 3,303 square feet with five bedrooms and three bathrooms. Prices range between $251,990 and $317,990.
"We have had remarkable success at Marbella largely due to location and the price point we are able to offer these highly appointed homes for," McAndrews said. "Additionally, we were able to keep a large inventory of quick move-in homes so prospects did not have to endure a long construction build time and could move in within 30 to 60 days from going under contract. Big advantage for us."
Last September, the Land Agency represented Meritage Homes, KB Home and Lennar Homes at Marbella Ranch Phase I at the northwest corner of El Mirage Road and Glendale Avenue in Glendale.
Meritage bought 100 lots, while KB Homes purchased 96 lots and Lennar Homes bought 99 lots there.
Those combined 295 lots encompass 51 acres and a total purchase price of $4.9 million, according to Cushman & Wakefield, which represented the seller in that deal, Scottdale-based TRS 8 LLC, an entity of Marbella Homes. Cushman & Wakefield's Brent Moser, Mike Sutton and Brooks Griffith negotiated that deal.
The West Valley is becoming a more popular place for homebuilders these days, with Toll Brothers starting construction on an 800-acre community called Sterling Grove in Surprise while Brookfield Residential Arizona has selected the first two homebuilders for its 1,130-acre Alamar master-planned community in Avondale.
Meanwhile, of the six Phoenix-area master-planned communities to make the list of 50 top-selling communities in the nation, five are in the West Valley.
By Angela Gonzales Senior Reporter, Phoenix Business Journal