First Land Parcel of New Queen Creek Community Sells for Future Home Sites
The first of three phases of a new master-planned community in development in Queen Creek has sold, marking the first step toward nearly 2,000 new homes planned there.
JEN Partners and TerraWest Communities paid $16.4 million to Wales Ranch LLC for 197 acres at the northeast corner of Schnepf and Combs roads.
That first phase of the 640-acre Wales Ranch master-planned community, southeast of Phoenix, will include 710 lots, said Michael Jesberger, founder and principal of TerraWest Communities LLC.
“Ashton Woods will be purchasing all the lots from JEN Partners and will be responsible for all development activities as part of an option agreement that Ashton Woods has with JEN Partners,” Jesberger told the Business Journal.
Roswell, Georgia-based Ashton Woods Homes officials declined comment.
“This is located in the heart of Queen Creek, one of the fastest growing areas in the Valley,” Nathan said.
A second homebuilder is in escrow for the second phase, expecting to take 551 home sites.
In January, Nathan also brokered a land deal in which Atlanta-based PulteGroup Inc. (NYSE: PHM) bought the entire third phase of Harvest Queen Creek master-planned community. Pulte paid $18.99 million to TerraWest Communities LLC, which manages Harvest Queen Creek
Those 170 platted and engineered lots are at the southwest corner of Signal Butte and Riggs roads in Queen Creek.
Harvest Queen Creek features a fishing lake, recreation center, trails and parks, Nathan said.
Queen Creek is a hot area for development, with Fulton Homes’ Calistoga at Promenade topping the top 10 selling metro Phoenix area subdivisions, according to the most recent Belfiore Real Estate Cosulting report in January.
“Builders have sold an average of more than 51 homes per active community over the last year,” according to the Belfiore report. “The primary driver of demand today is mortgage interest rates, and current rates are expected to continue fueling higher year-over-year sales in the foreseeable future.”