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| July 23, 2010
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| BEAZER HOMES PAYS $6.5 MILLION FOR 232 LOTS AT SURPRISE FARMS
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| Surprise – Beazer Homes Holding Corp. in Tempe (Kent Lay, pres.) paid just under $6.5 million to purchase 232 developed lots within the Surprise Farms community in Surprise. The seller was a company formed by DBSI Development in Boise, Idaho (Douglas Swenson, et al., principals). The property was sold through the United States Bankruptcy Court. The cash transaction was brokered by Grant Helgeson, Don McCaul and Ryan Arp of Westland Properties Group in Scottsdale. The homes sites are located at the northwest corner of Citrus and Greenway roads. Of the lots, 49 average 6,000 sq. ft. (50x120), 25 average 6,600 sq. ft. (55x120), 102 average 7,200 sq. ft. (60x120) and 56 average 9,375 sq. ft. (75x125). Beazer plans to build on all of the lots but will consider trading a portion for developed home sites located elsewhere. Beazer intends to construct homes ranging from 1,300 sq. ft. to 3,800 sq. ft. The three-, four-, five- and six-bedroom units are expected to be priced from $128,000 to $235,000. Models slated to open in January 2011. Build out expected to take three years. Beazer Homes in Tempe is a subsidiary of Beazer Homes USA in Atlanta, Ga. (NYSE:BZH). The parent company provides financing. Myron Spencer, v.p. of land acquisitions at Beazer Homes, says the company is looking to purchase more residential land in the Valley. Beazer Homes was the top bidder among three entities that pursued acquiring the Surprise Farms lots through the bankruptcy court. In August 2008, BREW reported DBSI Development paying $9.29 million to buy the finished lots. The company filed for bankruptcy protection and its assets are being liquidated. Find out more from Spencer at (480) 921-4665. Talk to Joe Austin of DBSI by calling (208) 489-2523. Reach the Westland Properties agents at (480) 443-8570. |
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