"We have not had a big presence in the Phoenix area so when this opportunity came available, we decided to move forward," Margaret Eardley, executive vice president and CFO at ILX, tells GlobeSt.com about the 5720 E. Rancho Manana Blvd. property. "They were originally sold as fractional units. There were two phases built. Phase one was sold out and we purchased phase two."
ILX completed the sale with Rancho Manana Ventures LLC of Phoenix. An additional 19 units recently were sold to another buyer, according to Eardley.
With room to expand on the 3.8-acre site, ILX plans to add 20 units to the mix. Construction could begin as soon as the fourth quarter, says Eardley.Units average 1,500 sf.
ILX sells timeshare intervals through its Premiere Vacation Club brand, offering minimum seven-day intervals for sale at multiple resorts located predominantly in the West. Rancho Manana is the company's second acquisition in Phoenix. Earlier this year, it bought the timeshare-branded Scottsdale Camelback Resort.
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