Meritage Homes of Arizona, a builder of energy-efficient homes, has purchased Camino Crossing, a planned residential development site in Maricopa County, Arizona, for $5,449,882. The seller was Kimco El Mirage, LLC. Commercial real estate broker Brian Rosella, now with Kidder Mathews, represented Meritage Homes in the transaction.
The 24.22-acre site is located at the northeast corner of Williams Drive and El Mirage Road in El Mirage, Arizona. The development plans consist of 123, 45-foot by 115-foot lots.
“This deal shows the continued trend by homebuilders to fill their pipeline as homes are selling at an accelerated rate, given the huge in-migration flux and low-interest-rate environment. Demand for housing is at a level not seen in 15 years,” said Rosella.