- Post author: Karen Schutte
MARANA, ARIZONA — DR Horton, Inc. purchased the balance of the lots at The Village at Barnett. The second phase consisted of 146 platted and engineered lots that were purchased for $5,000,000 ($34,246/platted lot). The seller in the transaction was RB Land Barnett Partners, LLC (Randy Bury, Manager). DR Horton purchased phase one of the project in September of 2020.
Bury comments, “The continuing strong demand for new housing in North Marana has depleted the number of new buildable communities. I expect this to continue in this sub-market for the next 3-4 years as interest rates remain low, people increasingly work from home and discover the wonderful lifestyle available in Southern Arizona.”
The transaction was handled by Will White and John Carroll of Land Advisors Organization in Tucson.
White said, “North Marana has been a huge beneficiary of the surging housing demand that the Tucson metro area is experiencing. These lots represented one of the last fully approved plats in the area and we expect to see builder demand continue to move north as it outpaces “shovel-ready” supply. The west side of I-10 area in north Marana will see a busy next 24 months.”
Bury has been entitling and developing land in Marana for a decade. In 2019, he founded Moderne Communities, a real estate development company that has multiple land deals and projects in the works. One of the projects he is now shifting his attention to is a 2,500 lot MPC project, Sanders Grove. Sanders Grove is located approximately ½ mile north of The Village of Barnett lots. A first phase of Sanders, approximately 500 lots is estimated to come to market later in 2021. Land Advisors is handling the marketing at Sanders Grove.