Terravista, a 156-lot residential development site located at Rooks Road and MC-85, SEC in Buckeye, Arizona, has sold for $5,156,000. The seller Marbuck, LLC was represented in the transaction by Kidder Mathews commercial real estate broker Brian Rosella. The buyer was LGI Homes, a Texas-based builder of new construction homes and housing developments.
Terravista is one of the last partially finished lot subdivisions in West Valley, leftover from the downturn.
“Homebuilders are selling homes faster than they can build them, and trying to keep up with future lot supply has been increasingly more difficult,” said Rosella, senior vice president at Kidder Mathews.