38-acre residential site in north Scottsdale sold to developer

A 38-acre residential development site located at the southeast corner of 128th Street and Ranch Gate Road, in Scottsdale, has sold to developer Weekley Homes for $16 million.

Kidder Mathews Senior Vice President Brian Rosella and Senior Associate Joseph Calistri represented the seller, Ranch Gate 40 LLC, according to a press release.

One of the last remaining large parcels available for residential development in North Scottsdale, the property offers the potential for 32 single-family homes.

“This deal illustrates the ‘flight to quality’ mindset that developers and homebuilders are implementing in their regional acquisition strategies throughout Arizona,” Rosella said in the release. “Large residential development opportunities in desirable locations are increasingly difficult to find, making this a great deal for all involved.”