In a $5.8 million cash deal that closed Dec. 30, D.R. Horton Homes bought out the last remaining new home building assets of what had been Canoa Homes.
The 203 lots, purchased from Canoa’s parent company, Phoenix-based SunChase Holdings Inc., are scattered throughout five new home construction neighborhoods in the Tucson region.
D.R. Horton’s immediate plans for the land were not disclosed as the builder seeks to determine what products to off er but the acquisition was being viewed as an economic positive.
“A cash sale of this size is pretty significant for our market,” said Will White, manager of Land Advisors Organization, which handled the transaction.
“We’re seeing signs of strength that conditions are getting better. A year ago, this deal would not have come together. Th is is a trend, a show of confidence by builders.”
There were five bidders for the lots, only one of which was not a local builder. The sale benefits both parties, White explained, because SunChase Holdings was able to clear non-performing assets from its books and D.R. Horton Homes is “writing checks that will put money back into the Tucson economy.”
Ted Ted Herman and Greg Vogel, also of Land Advisors, also worked on the sale.
Canoa Builders was formed in 1987. John Shorbe Sr. served as president of the Tucson operation. The acquisition includes 55 finished lots in Continental Reserve, Marana; 54 lots in Sahuarita Highlands,
Sahuarita; 17 lots in Sycamore Canyon, west of Corona de Tucson; and five lots at Rancho Loma Alta, Vail. Also included were 72 undeveloped lots in Mirasol at Star Valley along the 7000 block of West Valencia Road.
The last new home permit pulled by Canoa was in December 2008. D.R. Horton pulled 311 new home permits in 2009. The Tucson division of D.R. Horton Homes is run by vice president Eric Montgomery.
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