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A local real estate investor recently purchased a 26 town-home pad project called Tuscan Hills. The Seller was a bank from back east that was looking to reconsolidate it holdings to their immediate market.
Tuscan Hills is a mixed-use project with several townhome lots and also several stand alone residential lots. The area is just south of the Dixie Commons Commercial center and Tonaquint Properties and Data Center. The project was partially completed, with these lots in particular having many improvements already made including sewer laterals and other utilities onsite.
The developer is awaiting the opening on the new interchange near the Southgate golf course and believes that an increase in traffic and access will assist in the marketing of these lots. Long term the investor is optimistic and plans on building and selling these townhomes.
Wes Davis of NAI Southern Utah assisted the Bank in the disposition of this project. After attempts by other agents to market the property, Davis presented a marketing plan that brought multiple offers within a 90 day period and a closed transaction in less than six months.