Walton, a real estate investment and land asset company, has sold 282 partially finished residential lots at the Tortosa master-planned community in Maricopa, Arizona to D.R. Horton, the largest home builder in the nation by volume. The property sale price was not disclosed.
The lots sold to D.R. Horton are among more than 1,100 partially developed residential lots in the Tortosa South section of the Tortosa MPC. The community has approximately 1,000 existing homes, with multiple parks and playgrounds, a multi-use trail system for pedestrians and bicycles, and a neighborhood middle school and elementary school. Construction in Tortosa South is likely to begin again in 2020, with new homes expected under construction in 2021.
D.R. Homes plans to continue building its Express Homes series in Tortosa South, with a choice of nine floor plans ranging from approximately 1,368 to 2,461 square feet in size, priced from the low $200,000s.
“We are excited about the recent activity we have seen on our Arizona assets. Tortosa is one of five transactions we have closed in the past month. In 2019, single-family permits in the Phoenix MSA and Pinal County showed a strong 9% increase from 2018, and we believe this market is going to continue to see positive momentum in 2020,” said Jen Ruby, senior vice president of land at Walton in Phoenix.
