JEN Partners Closes on 569 Total Home Sites With Six Local Builders

JEN Partners Closes on 569 Total Home Sites With Six Local Builders

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2012-08-27

GILBERT, Ariz. - JEN Partners closed five separate land transactions totaling 163.79 acres and 569 home sites, in the master planned community known as the Bridges at Gilbert - located just east of the northeast corner of Higley and Ocotillo Roads in Gilbert. JEN Partners sold to local builders: Maracay Homes, Lennar, Taylor Morrison, David Weekly/TW Lewis, Shea, and Woodside for $23,114,317. All transactions were negotiated by Nathan and Associates Inc.

According to JEN Partners' Mike Jesberger, "We’re pleased to work with these builders to bring the Bridges at Gilbert community to the marketplace. We will continue to work together to develop the property and look forward to seeing it take shape."

"Maracay is very pleased to join these other builders in developing this master planned community in the heart of Gilbert and the East Valley," said Tom Lemon, Vice President of land acquisitions and development for Maracay Homes.

The Bridges at Gilbert community will include the following home sites: 111, 45’x115’ sites on 24.42 acres purchased by Lennar; 97, 60’x120’ sites on 30.48 acres purchased by Taylor Morrison; 78, 80’x130’ sites on 35.49 acres purchased by David Weekly/TW Lewis; and 97, 45’x115’ sites on 20.49 acres purchased by Shea Homes.

JEN Arizona 5 LLC, a Land Banking entity controlled by JEN Partners and managed locally by TerraWest Communities, purchased the remaining 113, 50'x115' sites and 73, 70'x125' sites, totaling 52.9 acres for $7,886,163. Under separate Option Agreements JEN Arizona 5 LLC will sell the 73, 70' sites and 67, 50’ sites to Maracay Homes and 46, 50' sites to Woodside.
 

Tags: Maracay Homes, Phoenix new homes, Arizona real estate, new homes Mesa, Gilbert real estate

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Logo: Maracay Homes

Logo: Maracay Homes

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According to JEN Partners' Mike Jesberger, "We’re pleased to work with these builders to bring the Bridges at Gilbert community to the marketplace. We will continue to work together to develop the property and look forward to seeing it take shape."

"Maracay is very pleased to join these other builders in developing this master planned community in the heart of Gilbert and the East Valley," said Tom Lemon, Vice President of land acquisitions and development for Maracay Homes.

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About

About Maracay Homes
An Arizona-based builder, Maracay Homes is a wholly-owned subsidiary of the Weyerhaeuser Real Estate Company (WRECO). Weyerhaeuser is a Fortune 500 Company. Designing products for the way their customers want to live, Maracay Homes has built more than 7,000 homes throughout Arizona in the past 20 years. The company offers a suite of proprietary processes and tools including FlexDesign®, LivingSmart®, Two-year & 10-year Warranty, Maracay Home Loans and Design Studio to increase buyers’ customization options. Maracay Homes is the recipient of numerous quality and design awards including the prestigious 2011 Builder of the Year Award from the Southern Arizona Home Builders Association (SAHBA). www.maracayhomes.com 
 

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Contact

Michelle McGinty
DRA Strategic Communications
michelle@dracommunications.com

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