GILBERT, AZ-Fairfield Residential LLC has just closed on 30.4 acres in the 1,400-acre Spectrum at Val Vista master-planned community, paying $7.7 million for enough land to hold 624 units in two projects. Industry sources say the double developments’ all-in costs most likely will exceed $50 million.

The San Diego-based developer plans to break ground in April on the 364-unit Azul at Spectrum and 260-unit Borrego at Spectrum, Ed McCoy, vice president of development for Fairfield Residential, tells GlobeSt.com. The projects will deliver in summer 2006.

“This is a great location within a very nice master-planned community with a lot of amenities,” McCoy says, adding the complexes will be different from the design to the landscaping. Fairfield acquired the land from to Specres Inc. of Paradise Valley, AZ.

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