Scottsdale-based investor, attorney sells 40-acre land for $5.5M

Copper Sky Land image (Submitted photo)

Zach Sakas, a Scottsdale-based investor and attorney, recently sold a 40-acre parcel of land in North Scottsdale for $5.5 million.

According to a press release, the land was sold to Toll Brothers, a Pennsylvania-based luxury home builder through Mr. Sakas’, company Copper Sky Land LLC. He acquired the land near 120th Street and Jomax Road in February of 2015.

Public records indicate Mr. Sakas sold the property in excess of a 90 percent gain over his acquisition price.

The property, adjacent to the Scottsdale McDowell Sonoran Preserve, features boulder outcroppings. Rezoning of the property was completed in June, detailed the release, adding that Bret Rinehart, Ryan Semro, and Ben Heglie at Land Advisors Organization represented the seller.

“The property has gorgeous views of the Preserve and it’s one of the few large pieces left in that area,” Mr. Sakas said in a press release.

Toll Brothers has not announced a name for its project or when development will begin, the release noted.

“My co-investors are pleased with the outcome, and I’m grateful for their trust and confidence in me,” Mr. Sakas said.

Mr. Sakas owns another residential land project in North Scottsdale and plans additional residential land acquisition opportunities in Cave Creek, Carefree, Fountain Hills, and Scottsdale, the release added.

For more information, call 602-499-9999 or 480-483-8100 or 480-596-5815.

 

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