Residentially-zoned land near San Tan Valley sold

An investment group has purchased 556 acres of residentially zoned land for $3.1 million near San Tan Valley in Pinal County, about 50 miles southeast of downtown Phoenix. The land, about four miles east of Quail Run Lane on the north side of Skyline Drive, is approved for 1,834 residential lots that once belonged to Montalbano Homes of Arizona. Montalbano had planned to develop a community called Silverado Ranch. The seller, SA Group Properties Inc., of Los Angeles, had acquired the property by foreclosing on Montalbano in August 2009. The buyer was Seventh Heaven Family Trust, of Carlsbad, Calif. CBRE's Land Services Group in Phoenix represented the seller, and Colliers International in Phoenix represented the buyer.

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