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Master-Planned Development Breaks This Year's Sales Record

Terrabrook has plunked down $62 million for still-unfinished Stonehaven.

By D.J. Burrough | Updated on September 29, 2000

PHOENIX-In one of the largest transactions of the year, an uncompleted, upscale master-planned community in north Scottsdale has been purchased for $62 million by Dallas-based Terrabrook. The Dallas-based developer, which has several holdings in metropolitan Phoenix, has purchased Stonehaven, a 924-acre residential community approximately two miles east of Pima Road, south of Cave Creek Road.

The master planned community was sold by Jerry Nelson, who developed the popular Troon golf projects in the area. Nelson’s financial partner in the deal was Lehman Brothers of New York.

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