HIGHLAND HOMES TO BUILD 157-LOT SUBDIVISION WITHIN HIGLEY PARK IN GILBERT

Gilbert – Highland Homes in Mesa (Mark Pugmire, Grant Lane, principals) plans to build 157 residences within a community in Gilbert called Higley Park. The property is northeast of the northeast corner of Higley and Ray roads. Randall Martin Homes, a defunct home builder from Scottsdale, started the partially built subdivision. The home builder defaulted on the loan and lost the project to foreclosure. The Federal Deposit Insurance Corp., as receiver for First National Bank of Nevada, sold the finished home sites to an investor Highland Homes brought in to fund the acquisition. L’Argent LLC in Mesa (Alwyn Geiser, III, manager) paid $4.25 million to acquire the property. James Hotis and Clark Patterson of The Hogan Group in Scottsdale, and Robert Stapley of Sonoran Lifestyle Real Estate in Fountain Hills represented the buyer. Matt Hobaica of Lee & Associates Arizona Inc. in Phoenix worked on behalf of the seller. The home sites average 4,400 sq. ft. (40x110) and 4,950 sq. ft. (45x110). Three- and four-bedroom units to range from about 1,600 sq. ft. 2,900 sq. ft. Pricing expected to run from the mid-$100,000's to the low $200,000's. Models should be open third quarter. Highland Homes is looking for additional residential development opportunities in the Phoenix area. Learn more from Pugmire and Lane at (480) 279-4000. Reach Hotis and Patterson at (480) 628-7518. Talk to Stapley at (480) 297-9220. Call Hobaica at (602) 956-7777.

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