Austin-based Community Developer Acquires Saddleback Heights, 5,200-acre Master Planned Community Site

Scottsdale, Ariz. (March 15, 2022) – Castle Hill Partners, an Austin-based community developer, purchased the 5,261-acre master planned community project known as Saddleback Heights. The parcel is the largest remaining undeveloped master planned community project site in the city of Peoria, Arizona.

Saddleback Heights was initially planned in the 1990’s. Castle Hill Partners has immediate plans to commence development of the site. The purchase marks the developer’s first master planned community development in Arizona. Land Advisors Organization professionals Greg Vogel, Ryan Semro, Bret Rinehart, Mike Schwab and Wes Campbell represented Vandon Partners, LLC, a partnership between Diamond Ventures and VT LandGroup, the seller in the transaction.

“This is one of the highest quality sites for a new master planned community we have seen in our search of the major U.S. growth markets,” said John McKinnerney, principal with Castle Hill Partners. “We are excited to begin our development journey with the city of Peoria and create a lineup of high-quality builders that will allow us to provide a variety of new home options and desirable community amenities for future residents.”

Vandon Partners representatives David Goldstein, president of Diamond Ventures, and Chris Haines, president of VT LandGroup, expressed their support of the new community developer stating, “We look forward to Castle Hill Partners developing the property into a vibrant North Valley master planned community.”

Saddleback Heights is set amongst the natural Sonoran Desert foothills in the northwest Valley, providing panoramic mountain views, excelling schools, parks, trails, significant open space and only minutes to the popular Lake Pleasant recreational area. Located in the immediate path of growth along Highway 74, the development is adjacent to the popular Vistancia community and only 15 minutes from Taiwan Semiconductor Manufacturing Company’s (TSMC) $12 billion computer chip fabrication plant, which is expected to open in 2024.

“Saddleback Heights is one of the last remaining development opportunities of its size in the Phoenix MSA,” said Greg Vogel, CEO of Land Advisors Organization. “Castle Hill’s development expertise and ability to execute a project of this scale will certainly ensure its success and provide much-needed new residential options to accommodate the West Valley’s growing employment base.”

Read the full press release.

Sunbelt Holdings Continues Strong Tucson Activity into 2022 with New Lot sales and Verano Acquisition

Tucson, Arizona (March 11, 2022) – Sunbelt Holdings had a record year in 2021 in a number of its Tucson master-planned communities, and that activity shows no signs of slowing in 2022. Sunbelt continues to be one of the largest developers in the Tucson metro region with active, record-breaking projects such as La Estancia, Star Valley, Red Rock Village, and Sycamore Canyon.

Lennar Arizona recently closed on 237 lots in Block J and Block N (60’X120’ and 68’X120’) at Sunbelt’s Sycamore Canyon project in the Corona de Tucson area of Tucson. The lots back up to substantial open space and will feature wide ranging views. Construction on the lots will begin immediately.

In February, SBH Verano LP (Sunbelt Holdings) closed on approximately 700 acres for a new master-planned community, located near Tucson’s airport area/I-10 corridor and major employment base. The project, named Verano, is zoned for approximately 2,200 residential units and is anticipated to have lots available for sale to builders in early 2024. The seller in that transaction was South Wilmot Land Investors, LLC (Diamond Ventures, Inc, David Goldstein, President).

“We are proud to add Verano to our existing collection of Tucson master-planned communities,” said Greg Mohl, Vice President of Sunbelt Holdings. “Since entering the southwest submarket in 2015, our team has not only been focused on creating meaningful value at each of our properties, but proactive in delivering lots to homebuilders to meet the demands of the market. The addition of Lennar at Sycamore Canyon, and the acquisition of the Verano master-planned community further demonstrates our commitment to the Tucson market and homebuilders.”

Sunbelt has emerged as an efficient supplier of lots to Tucson’s homebuilders in a number of master-planned communities in the greater Tucson metro area. Sunbelt Holdings is well-positioned in Tucson, where large land holdings and infrastructure come at a premium. All-in-all, the company has acquired projects that will allow it to deliver between 7,000 and 10,000 lots to Tucson homebuilders over the next several years, which should make a meaningful impact in a market that expects to need upwards of 20,000 lots over the next 48 months alone.

Both transactions were handled by Will White and John Carroll of Land Advisors Organization -Tucson. Land Advisors has the marketing assignment for lot sales at Verano.

Will White with Land Advisors -Tucson said, “Tucson’s lot supply is getting tighter by the quarter. Sunbelt Holdings has stayed ahead of this by preparing new plats in their projects to meet the schedules of the area homebuilders. They also have identified new acquisitions around Tucson that will continue provide their homebuilder partners a solid pipeline for several years to come.”

For more information White and Carroll should be reached at 520.514.7454.

Read the full article at Real Estate Daily News.

Market Demand Accelerates at Rocking K

The Rocking K master-planned community, envisioned for decades, is now a thriving reality including robust home sales! Rocking K is Tucson’s newest foothills community, located at the base of the Rincon Mountains and abutting Saguaro National Park East. Tucson is surrounded by five mountain ranges, creating dramatic backdrops for our region’s most sought-after residential neighborhoods. Diamond Ventures assembled the 4,800 acres and planned Rocking K for approximately 6,700 homes, knowing that residents would never tire of the stunning views of the Rincon Mountains. The Rocking K development philosophy is to create a master-planned community set within the natural desert, driving the overall brand for the community, “Designed by Nature.”

Read full article