Atlanta Homebuilder Buys Entire Last Phase Of Queen Creek Community
Atlanta-based PulteGroup Inc. (NYSE: PHM) just bought the entire third phase of Harvest Queen Creek master-planned community, which means all 1,200 lots are taken in a community that broke ground in January 2019.
Pulte paid $18.99 million for 170 platted and engineered lots at the southwest corner of Signal Butte and Riggs roads in Queen Creek, closing on the transaction on Jan. 28.
“It is a beautiful planned community with a fishing lake, huge recreation center, trails and parks,” Nathan said.
Michael Jesberger, founder and principal of TerraWest Communities LLC, which manages Harvest Queen Creek, said the community sold out two years faster than he expected.
He sold the first 584 lots in January 2019 when the project first broke ground. Then last September, sold another 442 lots in the development’s second phase.
Pulte bought 115 lots in the first phase and 80 in the second phase, said Rebecca Lundberg, Arizona division president for Pulte.
“We’ve had great success in the highly amenitized Harvest Queen Creek master plan, selling 50 homes since we opened for sales in July 2020 for phase one,” she said.
While Pulte’s first-phase lots were single-story home designs, its homes in phase two will add two-story plans this summer.
“This final phase of Harvest is a gated enclave where we plan to offer open, elegant and spacious floor plans,” Lundberg said.
Those homes will range from 2,400 to more than 4,000 square feet, offering upscale finishes, she said.
When Covid-19 first hit, Jesberger said he wasn’t sure how sales would go for the last two phases.
“The market acceleration over the last 10 months since Covid has been incredible,” he said. “It’s something we could not have predicted.”
The community — which is near Schnepf Farms and Queen Creek Olive Mill — includes a 7-acre park, complete with pavilions, pools, splash pad and themed playground.
“We have that whole agritainment district there,” Jesberger said. “The community was designed to be a tribute to Queen Creek’s agricultural history.”
For example, its 8,587-square-foot events pavilion is called Harvest at Queen Creek Grange Park Events Pavilion. A grange is a country house with farm buildings attached, and the pavilion was designed as a modern architectural interpretation of a large barn, Jesberger said.
While Harvest Queen Creek is managed by TerraWest Communities, it is jointly owned by New York-based private equity firm Jen Partners and Calgary, Canada-based Brookfield Residential Properties Inc.
Pulte Homes has 34 active subdivisions in the Phoenix market that account for 13,370 lots with 3,511 available, according to RL Brown Housing Reports.
“Pulte also has 16 future communities with another 1,426 lots in the near future,” said Jim Daniel, president of RL Brown Housing Reports.
Pulte Homes spent close to $100 million on lots and land in 2020, Daniel said, including 40 lots for $17 million in Wolf Springs Ranch at 94th Street and Cactus Road in Scottsdale and $14 million to buy 239 lots at Verde Trails at 107th Avenue and Broadway Road in Avondale.