Housing site in Buckeye sold for $86 million
Source: azcentral.com, by Glen Creno
February 05, 2007
The people behind the state's largest master-planned development increased their holdings in Buckeye's Sun Valley by paying more than $86 million for the project next door.
The principals of Douglas Ranch, a 35,000-acre project west of the White Tank Mountains, bought the 3,000-acre Trillium project for nearly $86.3 million in two transactions that closed last week, real estate records show.
The acquisition of Trillium gives the developers frontage on the Sun Valley Parkway and the chance to develop both projects in tandem so they have similar themes.
Site work has started on Trillium. Douglas Ranch is not under construction.
Together, the two projects have been approved for more than 90,000 homes, Buckeye planners say.
Both projects have large commercial and entertainment components.
"This can't be a bedroom community and we all know that," said Tom Hennessy, Douglas Ranch's general manager.
Developers hope Sun Valley will be one of the Phoenix area's housing and development growth spots for years to come. Several big developments are either planned or are being built in the area, including Sun City Festival, Tartesso and one of Pulte Homes' Anthem communities.
El Dorado Holdings, JDMD Investments and Apollo Real Estate Advisors bought Trillium. El Dorado and JDMD are the principal owners of Douglas Ranch.
Phoenix-based El Dorado developed Rancho El Dorado in Maricopa and other projects.
JDMD's principals are Phoenix business notables Jerry Colangelo, David Eaton, Mel Shultz and Dale Jensen. Apollo is a private real estate investment partnership.
Denver-based JF Cos. was the seller. Nate Nathan of Nathan & Associates brokered the sale.
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