The True Life Companies Accelerates Its Arizona Expansion With Acquisition of 172 Acres in Tucson
(firmenpresse) - PHOENIX, AZ -- (Marketwire) -- 03/26/13 -- Accelerating its growth as a leading supplier of lots and land to home builders, is moving to alleviate the current lot supply shortage facing public and private homebuilders in the Arizona markets with its recently completed acquisition of Rincon Knolls, a 172-acre residential property located in Vail, Arizona (City of Tucson).
Through this acquisition, the TTLC will be adding a complement of over 500 lots to its rapidly growing various stages of the entitlement and development process. TTLC plans to amend the property's underlying protected development rights for 502 lots to approximately 400 detached, residential lots to achieve certain efficiencies and lot sizes that are more market desirable for today's large-scale homebuilders. TTLC has targeted first quarter 2014 to commence builder lot sales.
"The Vail submarket of Tucson is extremely restricted in supply for both finished lots and those mapped but as yet undeveloped," stated , Chief Executive Officer of TTLC. "In addition, the highly desirable Vail area with its highly acclaimed schools is expected to command upwards of 20% market share in Tucson, which is predicted to issue close to 6,000 building permits each year over the next four to five years. The Rincon Knolls property is one of a very few projects in the immediate area than can deliver lots soon enough to fulfill anticipated demand. We believe that future lot supply and demand characteristics in and around the Property will support significant price growth."
, TTLC's Chief Investment Officer, added, "The recovery we're experiencing in the residential market has brought homebuilders back to the table in search of land and lot supplies at a time when the supply is severely constrained. We have the ability to provide the land and lots to allow the builders to capitalize in a timely manner upon the housing recovery. The strong demand we are experiencing from the homebuilding community drives our efforts to uncover and control strong investment opportunities like Rincon Knolls. That means keying in on properties with favorable attributes such as proximity to employment centers, transportation corridors and top performing schools."
Prime location is a central factor in the appeal and value of the Rincon Knolls . In addition, the property's topography provides unobstructed views of the Vail Valley and Rincon Mountains and approximately 30% of the lots back up to Natural Undisturbed Open Space which Anderson believes will generate significant view and open space premiums.
In addition to its strong employment base, Bloomberg BusinessWeek ranked Vail, Arizona as one of the "Best Places to Raise Kids in Arizona." The survey was based on education, economy, crime, amenities, air quality, and ethnic diversity. School performance, expenditures, and income were given the most weight.
With several projects in various stages of development throughout California, Colorado and Arizona, TTLC, led by Clark and Anderson, is based in San Ramon, Calif. with a regional office in Phoenix, Arizona managed by Anderson and Mike Hare. TTLC plans to continue throughout the western United States as a major provider of entitled land and lots to the homebuilding industry.
TTLC is a strategic real estate investment and management firm composed of top-tier professionals with over 150 years of combined industry experience in all facets of acquisitions, development, management and homebuilding. TTLC derives its name from their dedication as stewards of the American Dream, creating communities of enduring value and establishing relationships based on a long-standing tradition of honesty and trust -- creating the foundation that leads to brighter futures. The Company is the premier supplier of lots and land to public and private builders in the western United States. Simultaneously, their resort/recreation division focuses on adding value to new and existing . For more information, visit or visit .
Contact:
Fran Bangert
Kovach Marketing
(o) 714-572-0904
(m) 714-335-9646
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Datum: 26.03.2013 - 15:08 Uhr
Sprache: Deutsch
News-ID 243212
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