Largest Land Deal In Central Arizona

The Phoenix Business Journal, reports that Arte Moreno and Bill Pope are selling their Estrella Mountain Ranch master-planned community in Goodyear to Newland Companies, one of the nation's largest development companies.

The article states that the deal gives Newland annual options over the next five years allowing it to own more than 18,000 acres. The first transaction involving 3,750 acres includes a payment of about $250 million, according to records files with the Maricopa County Recorders Office. Full sales price details were not given, but it could be the highest-valued transaction in Arizona history. Estrella Mountain Ranch has only developed 2,150 acres of its total 20,000 acres. Newland has created 60 master-planned communities in 11 states, and also developed Mountain Park Ranch back in the 1980's.