Weekley Homes Spends $16M on 38-Acre Dev Site in Scottsdale

Weekley Homes LLC, a builder of luxury homes, purchased a 38-acre development site in Scottsdale for $16 million. The property is located at the southeast corner of 128th Street and Ranch Gate Road.

The site, one of the last remaining large parcels available for residential development in the highly sought-after North Scottsdale submarket, offers the potential for 32 single-family homes. Strong property values and the success of comparable residential developments in the surrounding area demonstrate continued demand for single-family housing in this market.

Brian Rosella and Joseph Calistri with Kidder Mathews represented the seller, Ranch Gate 40 LLC.

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