Scottsdale-based Aread Inc. has closed on hundreds of lots with homebuilders at its Skyline Village master-planned community in Pinal County, south of Phoenix, with more closings in escrow.
The 300-acre development in San Tan Valley on the southwest corner of Skyline Drive and Quail Run is approved for 1,150 single-family detached homes.
"We started grading a few months ago," said Aread CEO Nariman Afkhami. "We're developing the entire site at the same time. It's a massive undertaking."
On Oct. 15, Aread sold 130 lots in Parcel 5 to Los Angeles-based KB Home for $15.6 million, adding to the 177 lots KB bought within Parcel 4 for $22.13 million in March.
