A joint venture between Bixby Bridge Capital of Northbrook, Ill., Quantum Capital of Phoenix, Ariz., and Dolphin Partners, Inc., of Irvine, Calif., has closed on an 11,000-acre, fully entitled master-planned community located in the city of Buckeye, Ariz. The sale was for a reported $80 million, which represents the largest land purchase in the area since the housing market downturn of 2008.
According to Kevin Pitts, president of Dolphin Partners, the master-planned community, called Tartesso, will have more than 41,000 homes at full build-out.
“We are extremely excited that we were able to complete this acquisition,” Pitts said. “No other property that we could find checked all the boxes—our metrics point toward a continued recovery and expansion of the local housing market, and this asset is uniquely located with a full range of amenities to address that growth.”
The sellers were Stardust Holdings and a related charitable foundation. Through their stewardship, the property was fully entitled, with more than 3,000 finished lots developed prior to the downturn.
“We are very impressed with the work the Stardust development team completed,” Pitts said. “As a result of those efforts, Tartesso will become a premier community within the greater Phoenix market and, in particular, the city of Buckeye.”
Pitts said that D.R. Horton (NYSE:DHI) recently began a new housing development within the original first phase of the project. It’s the first new housing to be developed within the community since the housing recession.
Stardust Holdings and its affiliated charitable foundation were represented by Nathan & Associates, Inc., of Scottsdale, Ariz.