Weekley Homes LLC, the homebuilder operating as David Weekley Homes, has purchased a 38-acre residential development site in North Scottsdale for $16 million. Located at the southeast corner of 128th Street and Ranch Gate Road, the property offers the potential for 32 single-family homes. Kidder Mathews arranged the transaction, with Senior Vice President Brian Rosella and Senior Associate Joseph Calistri representing seller Ranch Gate 40 LLC.
The purchase places the builder within an established corridor of upscale residential development. According to project documents submitted to the City of Scottsdale, the site is bordered by the Storyrock master-planned community to the north, east and south, with Sereno Canyon across 128th Street to the west. The planning application describes Ranch Gate 40 as a large-lot residential community.
The property also comes with a zoning milestone already in place. Scottsdale City Council unanimously approved its rezoning on September 30, 2025, according to the applicant’s preliminary plat narrative. City planning materials describe approximately 40 gross acres across two parcels, while the sale announcement identifies the acquired site as 38 acres. The proposed subdivision contains 32 residential lots.
At the proposed 32-home count, the $16 million purchase equates to approximately $500,000 in land acquisition cost per planned home, before infrastructure, construction and other development expenses.
Kidder Mathews describes the property as one of the last remaining large parcels available for residential development in the North Scottsdale submarket. The brokerage points to strong property values and the performance of surrounding residential communities as indicators of continued demand for single-family housing in the area.
“This deal illustrates the ‘flight to quality’ mindset that developers and homebuilders are implementing in their regional acquisition strategies throughout Arizona,” says Rosella. “Large residential development opportunities in desirable locations are increasingly difficult to find, making this a great deal for all involved.”
The city’s preliminary plat materials outline the proposed subdivision layout, adding detail to the residential development opportunity described in the sale announcement. A homebuilding schedule, anticipated home prices and sales launch date were not disclosed in the release.
