A home builder has paid a record price for approximately 120 acres in northeast Phoenix. Only one home was on the nearly vacant swath of desert.
D.R. Horton bought the land, at Bell Road and Tatum Boulevard, for about $80 million, according to public real estate records. The deal breaks down to more than $670,000 an acre, the highest price ever paid for vacant land in the city of Phoenix.
The builder plans to develop a community called Arabella, with 750 homes and condominiums.
Information on home prices isn’t yet available. Based on what Horton paid for the land, luxury condos and houses will be built there.
The seller was the Jean Marley Trust, according to real estate records. She was the longtime owner of the only home on the land, which is near the Phoenix-Scottsdale border.
Nate Nathan, Dave Mullard, Courtney Buck, and Casey Christensen of Scottsdale-based Nathan & Associates brokered the deal.
It took two years of planning and zoning work for Horton to complete the sale.
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