Scottsdale-based investor and attorney Zach Sakas sold a 40-acre parcel of land in North Scottsdale for $5.5 million to Toll Brothers, a Pennsylvania-based luxury home builder.
Sakas, through his company Copper Sky Land LLC, acquired the land in February 2015. The property is located near 120th Street and Jomax Road. The property features dramatic boulder outcroppings and is adjacent to the Scottsdale McDowell Sonoran Preserve.
Rezoning of the property was completed in June.
Bret Rinehart, Ryan Semro, and Ben Heglie at Land Advisors Organization represented the seller.
“The property has gorgeous views of the Preserve, and it’s one of the few large pieces left in that area,” Sakas said.
Toll Brothers has not announced a name for its project or when development might begin. Public records indicate Sakas sold the property in excess of a 90 percent gain over his acquisition price.
“My co-investors are pleased with the outcome, and I’m grateful for their trust and confidence in me,” Sakas said.
Sakas owns another residential land project in North Scottsdale and is seeking additional residential land acquisition opportunities in Cave Creek, Carefree, Fountain Hills, and Scottsdale.
For more information contact Sakas at (602) 499-9999; the Land Advisors brokers at (480) 483-8100; and Jeff Nielsen at Toll Brothers at (480) 596-5815.