Land-Banking Joint Venture Buys Lots for Construction of 606 Valley Homes

Article originally posted on Phoenix Business Journal on April 10, 2024

Houston-based David Weekley Homes just closed on $60 million in Valley lot purchases at two established master-planned communities, thanks to a new land banking joint venture with Varde Partners, a Minnesota-based global alternative investment firm.

The land banking partnership paid $37.15 million for 334 lots at the Verrado master-planned community in Buckeye and another $22.98 million for 272 lots at Ware Farms in Queen Creek, according to Tempe-based real estate database Vizzda LLC.

Nate Nathan, Casey Christensen and David Mullard of Scottsdale-based Nathan & Associates Inc. represented both the buyer and seller DMB Development, the developer of Verrado.

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