Homebuilders Snag Nearly 1,000 More Lots in East Valley, Even More Purchases Planned

Article originally posted on Phoenix Business Journal on March 22, 2024

Two publicly traded homebuilders have closed on 886 lots in the East Valley, with hundreds more closing soon.

Wolfkin Farms LLC, tracing to Penny Wolfswinkel Jenkins, sold 154.02 acres to JEN Partners for $23.7 million, north of the northeast corner of Quail Run Lane and E. Bella Vista Road in San Tan Valley, according to Tempe-based Vizzda LLC.

JEN Partners bought the 545 lots on behalf of Dallas-based Landsea Homes Corp. in a land banking transaction. Land banking involves accumulating large tracts for future development, while allowing homebuilders to maintain control of property without absorbing all of the costs. The lots represent the entire Phase II of the community that Landsea calls Wildera.

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