Miami-based Lennar Corp. (NYSE: LEN) is the first homebuilder to buy land at a new 1,043-acre master-planned community under development along Sun Valley Parkway in Surprise.Lennar took the entire first phase totaling 309 acres at the master-planned community named Surprise Foothills, with plans to build 846 homes.The new master-planned community is being developed by an entity led by Elliott D. Pollack, CEO of Elliott D. Pollack & Co., a Scottsdale-based economic and real estate consulting firm. That entity, Surprise Foothills Master LLC, sold the 309 acres for $20.52 million to DW Partners/Domain Real Estate Partners, land banker for Lennar, according to Tempe-based real estate database Vizzda LLC.Negotiating that transaction was Nate Nathan, Casey Christensen and David Mullard of Scottsdale-based Nathan & Associates Inc.Lennar has been active in the Phoenix market of late. It recently spent $49 million for vacant land at the Blossom Rock at Superstition Vistas master-planned community in Apache Junction, and in late November was part of a group of homebuilders that bought nearly 300 acres in Peoria near TSMC’s huge north Phoenix semiconductor campus. In late September, Lennar paid $48.9 million for 359 lots at the 20,000-acre Estrella master-planned community in Goodyear.Pollack, who serves as general partner of Surprise Foothills Master LLC, said he and his group of investors bought the land between 2003 and 2005 and was in escrow to sell to the first homebuilder in 2006 when the Great Recession killed the real estate market.”We spent the last 18 years building the water and sewer system and getting zoning — getting everything you need to open an entire area of the city,” Pollack said. “The water system is now complete and we’re just waiting to turn it over to the city. It’s opening a whole area of Surprise which is very lightly populated.”Sun Valley Parkway …
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