Phoenix Land Portfolio

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The Phoenix Land Portfolio consists of four projects; Sorrento, Tortosa, Verdugo, and Magma Ranch.

Sorrento is a completed Master Planned Community located in Maricopa, AZ. New West acquired the remaining 453 finished lots in 2012 for 50% of improvement cost. Homebuilder lot sales commenced in Q3 2016 and sellout is expected in 2018. 

Tortosa is a partially constructed Master Planned Community located in Maricopa, AZ. New West acquired 342 partially finished lots in 2012 for 50% of improvement cost. Homebuilder sales are expected to commence in 2017 and sellout in 2018.

Verdugo is located in Northwest Phoenix, AZ immediately above the 303 loop at Grand Avenue and is directly across 163rd Avenue from Asante - Lennar's flagship Master Planned Community. New West acquired Verdugo as raw land in 2012. Since that time various impediments to development have been resolved including amending FEMA's floodplain designation and a 5-party Joint Development Agreement that provides water to The Project.

Magma Ranch is a completed Master Planned Community located in Queen Creek, AZ. New West acquired the remaining 350 finished lots in 2012 for 33% of improvement cost. Homebuilder lot sale commenced in Q3 of 2016 and sellout is expected in 2018.