We are excited to share that on April 24th, we officially closed the sale of Phase 3 of Steeple Chase for $2,030,000 (14 lots at $145,000 per lot).
Originally, Phase 3 included 18 lots, but due to strong demand for homes in the area, we made the strategic decision to retain 4 lots for our own vertical construction.
With this closing, the sale of Steeple Chase is now complete.
Steeple Chase was developed in 2007-2008 as a single-family subdivision. The community contains 62 single-family lots (approx. 3⁄4+ acre each), a horse barn, a swimming pool, and a community pavilion with a fireplace.
Development of the project was virtually completed but stopped short of obtaining a final subdivision plat when the real estate market crashed. We acquired Steeplechase in 2021.
In September 2023, we announced an executed contract to sell Steeple Chase for $8.3M, projecting a realized IRR of just over 40% for our fund. Under the terms of the agreement, the now 58 plotted lots have been sold in three phases:
Phase 1 (24 lots) – Sold – March 20, 2024 for $3,000,000
Phase 2 (20 lots) – Sold – September 20, 2024 for $2,700,000
Phase 3 (14 lots) – Sold – April 24, 2025 for $2,030,000
Below are some recent photos showcasing this beautiful development, including the entry, initial paper lots, and constructed homes.
If you are not currently invested in the Arabella Real Estate Fund and would like to capitalize on the realized returns from the sale of Phase 3, there is still time.
