By Angela Gonzales – Senior Reporter, Phoenix Business Journal
Brookfield Residential’s 1,130-acre master-planned community in Avondale is selling houses so quickly, it is nearly sold out of its first phase of 461 homes.
Called Alamar, the community has been instrumental in the city of Avondale topping the list of cities with the biggest annual growth in single-family homebuilding permits in 2020.
So far, homebuilders have sold 363 homes within Alamar, said John Bradley, president of Brookfield Residential Arizona.
Homes are being sold so quickly that homebuilders are deliberately slowing their pace, he said.
“We would be well sold out [entirely] but builders are trying to meter it out,” Bradley said.
After breaking ground on the development in April 2019, home prices started out at a little over $300,000, but are now being sold in the high $300,000s, he said.
Brookfield has invested $200 million to develop Alamar, which is entitled for 3,695 homes.
While 20 to 30% of the people buying homes at Alamar are from out of state — mainly California — 42% of the homes that are sold are coming from Avondale residents.
Bradley said he attributes that high number as a move-up opportunity for Avondale residents.
Homebuilders already are purchasing lots for the second phase, which will include 346 lots, Bradley said.
“We will deliver them in the fourth quarter of this year,” he said.
Arlington, Texas-based D.R. Horton Inc., Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC), Gilbert-based Capital West Homes and Addison, Texas-based Gehan Homes will build all 346 of those homes in phase two, he said.
Alamar is among 149 active master-planned communities in the metro Phoenix market, said Jim Daniel, president of RL Brown Housing Report.
During the first half of 2020, 9,567 single-family homebuilding permits have been issued and 7,314 home closings have been tracked by RL Brown Housing Report.
As Brookfield sees success at Alamar, the developer is revving up plans to build more homes on the east side of town, where it teamed up with D.R. Horton to win a bid to pay $245.5 million for 2,783 acres. Read more about that here.