Phoenix-based developer sells 146 North Marana lots to DR Horton
Randy Bury, founder and president of Moderne Communities and manager of RB Land Barnett Partners, LLC sold phase two of The Village at Barnett to DR Horton. The 146 platted and engineered lots were purchased for $5 million. DR Horton previously purchased phase one of the project in September 2020.
“Demand for new housing in North Marana continues to grow, which is quickly depleting the number of new buildable communities,” explains Bury. “The area is emerging as a jobs corridor with its easy access to I-10. I expect this sub-market to continue to be strong as interest rates remain low and people keep moving here for our warm weather and outdoor lifestyle.”
Bury began investing in the area in 2011 and previously partnered with Soundview Real Estate Partners on the purchase of three commercial parcels near The Village at Barnett. In 2016, Bury originally purchased 70-acres in North Marana, which included lots for as many as 280 new homes. North Marana now has the infrastructure, as well as plats that are fully approved, allowing homebuilders to immediately proceed to developing lots.
The transaction with DR Horton was handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors also handled the marketing assignment on phase one of The Village at Barnett.
Bury also holds approximately 800 acres that includes 2,500 lots as part of the masterplan community project, Sanders Grove. Sanders Grove is located approximately half a mile north of The Village of Barnett lots. The first phase of Sanders, approximately 500 lots is targeted to come to market later in 2021. Land Advisors will also be handling the marketing at Sanders Grove.
In addition, is currently building the first single-family rental community in North Las Vegas, Moderne at Centennial. The project is now under construction and began leasing in January.
About MODERNE Communities
MODERNE Communities is a residential real estate development company with offices in Nevada and Arizona. Founded and operated by Randy Bur in 2019, MODERNE Communities will open its first single-family unit community for lease in January 2021. For more information visit modernecommunties.com.
About Land Advisors Organization
Founded in 1987, Land Advisors Organization is the nation’s largest land brokerage firm specializing in providing deep market insights to landowners and purchasers for the most comprehensive and effective evaluation of land in markets across the country. By integrating current local market information with cutting-edge technology and geographically specialized professionals, Land Advisors Organization advises clients in identifying and capitalizing on valuable land opportunities in all economic environments. Land Advisors Organization serves landowners and purchasers from offices in Phoenix, Tucson, Casa Grande and Prescott, Arizona; Irvine, San Francisco, Century City, Pasadena, Roseville and San Diego, California; Orlando, Tampa, and Jacksonville, Florida; Boise, Idaho; Las Vegas, Nevada; Albuquerque, New Mexico; Charlotte, North Carolina; Atlanta, Georgia; Austin, Houston and Dallas-Fort Worth, Texas; Salt Lake City, Utah and Seattle, Washington.
About DR Horton
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 88 markets in 29 states across the United States and closed 65,388 homes during its fiscal year ended September 30, 2020. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes ranging from $150,000 to over $1,000,000.