Winning Bid Over 40 Percent Above Appraised Value
(Phoenix) The Arizona State Land Department today announced the results of a live land auction with Scottsdale-based Communities Southwest providing the winning $61.1 million bid for 694.14 acres of land in the City of Peoria, reflecting a 42 percent premium above the appraised land value of $43 million.
The auction had nearly 100 alternating bids between seven developers, including Lennar Communities and Toll Brothers who competed for the land which located South of Pinnacle Peak Road and West of 91st Avenue in City of Peoria. The land is zoned for single and multi-family residential subdivisions within the Camino A’Lago (North) Specific Plan.
“Seven developers came ready to bid on this land with checks in hand,” said Winkleman. “This kind of interest and competition shows that there is ample demand for properties located inside the urban areas and clearly indicates stability and improvement in the market,” he said.
According to Brian Hegardt, president of Communities Southwest, the company plans to develop a high-quality community conforming to the specific plan for the area.
During the past decade, Communities Southwest has developed more than 20,000 single-family residential homesites, along with numerous parks, schools and golf courses. Their commercial development experience includes retail shopping centers, resorts and multi-family products. Information about the Communities Southwest can be found at www.communities-southwest.com.
The Arizona State Land Department manages 9.3 million acres of Arizona State Trust Land. The proceeds from the sale of land go to the beneficiaries of the Arizona State Land Trust Permanent Trust Fund, primarily Arizona Common Schools, supporting grades K-12. For more information about the State of Arizona Land Department visit land.az.gov or call (602) 542-4621.