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| Twin Peaks Highlands LLC (1998-2003) |
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The following case study illustrates how a land parcel’s value can be improved by obtaining full entitlement and a Final Map, thus bringing the property to a construction-ready state and immediate marketability. As the population of Tucson grew, development in the mid-nineties expanded quickly to the northwest, along the Interstate 10 corridor. |
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As can be seen on the aerial photo (above) the Twin Peaks Highlands property is located in a thriving residential area, just minutes west of Interstate 10. Del Webb's Sunflower, an 820-lot subdivision, is across the street and east of Twin Peaks Highlands. Continental Ranch, containing eight large national residential builders, is also directly east of the property. Continental Reserves' 2800 residential development, which got underway in June 2002, is adjacent to the property.
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The Myers Group acquired the property in December 1998 prior to the new development that is now occurring in the area. Since that time TMG has fully entitled and mapped the property, and in March 2003 it was sold it to DR Horton, a national homebuilder.
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| RESULTS
- Twin Peaks Highlands LLC |
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TMG, working through
nine different governmental agencies was
able to get full entitlement to the property,
and obtained an approved tentative map for
114 lots.
This allowed for the immediate sale of the property to a National home builder.
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SUMMARY
- Twin Peaks Highlands LLC
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$912,300 |
Architecture, Eng & Planning
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$52,000 |
Real
estate taxes |
$19,538 |
Resale price (3/2003) |
$2,800,000 |
Gross
appreciation |
$1,811,917 |
Holding
time: |
3.8 years |
62.2 % ANNUAL PROPERTY APPRECIATION |
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