New Joint Venture Closes on New Dove Mountain Subdivision for $4.2M
Real Estate Daily News
November 8 ,2013
TLC Dove Mountain, a new joint venture, formed by True Life Communities of San Ramon, CA (Taber Anderson) with offices in Phoenix and Miramonte Homes of Tucson (Chris Kemmerly) have joined forces at Dove Mountain to develop and construct 188 new homes. The first phase of the project was for 88-platted lots that commanded a price of approximately $4.2 million ($48,000 per lot) with the remaining lots under contract for Spring 2014.
Boulder Bridge Pass, name subject to change, consists of 44.5 acres in the Dove Mountain Master Planned Community. The lots sizes range from 65 to 80 feet wide, with the larger lot sizes on the golf course. The sellers were Redhawk Marana, Rita Land Corporation and Dove Mountain Investors, LLC, all affiliates of Cottonwood Properties, (David Mehl, CEO) the developer of Dove Mountain.
Over the past year, True Life Communities (TLC) has aggressively expanded their land portfolio throughout California, Arizona, Hawaii and Colorado, by acquiring over 5,000 lots and securing an additional 6,000 lots under contract. In addition, their resort and lifestyle division has focused on investment in and management of highly amenitized master-planned communities.
The company owns and manages the luxury master planned community of Pine Canyon in Flagstaff, AZ and recently added Talking Rock in Prescott, AZ to their portfolio. Partnering with Harvard Investment of Scottsdale and increasing their market share in these growing regions. The joint venture between True Life Communities and Miramonte Homes has already been working together in Flagstaff and Prescott Valley prior to the Dove Mountain project.
The Real Estate Daily News caught up with Anderson and Kemmerly together to discuss their new partnership and new project in Dove Mountain. “True Life was looking for a private building partner,” Anderson told us, “when Will White introduced me to Chris Kemmerly and Miramonte Homes. The synergy was great from the start.” The new partnership brings an exciting vision to this dynamic team of industry leaders for land investment, site work and home building and positions it to be a leading industry supplier of resort and lifestyle homes.
Tucson-based Miramonte is well-known and respected as a long-time successful builder in the Tucson area. Kemmerly says, “The Dove Mountain property stands out, overlooking the Ritz Carlton tournament golf course, it has the best possible mountain views. There are no lots without a view in this project, and we look forward to working closely with Cottonwood Properties to maximize the potential of each lot.”
When asked about their future predictions for the industry, Anderson answered first, “Demand is really going to be based on supply; but we expect 2014 to be more or less a repeat of 2013 which has been a very good year for us, with 30-35% increases. Supply will be the big question in 2014, and growth will look slower because of limited supply of finished lots.” Third and fourth quarters have slowed down, but there’s a lot of entitlement work being done now for next year. Most people don’t understand the length of time it takes for entitlements and infrastructure to be put in place.
Kemmerly agreed with Anderson, then added, “The demand will be there, but there will also be a shortage of skilled labor, in addition to the vertical construction shortages.” Since the industry downturn, many skilled workers were lost to other trades, or moved away to other areas. Labor shortages will cause delays to growth.
The new partnership brings together all the necessary pieces for a strategic real estate investment and management firm, with over 250 years of combined industry experience in all facets of real estate acquisitions, development, management and homebuilding, focused on adding value to new and existing luxury master-planned communities.
Will White of Land Advisors Organization in Tucson was the broker handling the transaction at Dove Mountain.
White should be reached at (520) 514-7454 for more information.