We are excited to announce that on September 20th, we sold Phase 2 of Steeple Chase for $2,700,000 (20 lots at $135,000/lot).
A year ago September, we shared that we had an executed contract to sell Steeplechase for $8.3M, which would give us & our investors a realized IRR of just over 40%. As part of the contract, Steeplechase, 62 plotted lots, would sell 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 (18 lots) – Closing – March 2025 for $2,610,000
Phase 1



Phase 2


Acquired in 2021
Steeplechase 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 and have since platted the development. We intended to build 62 single-family, $600k homes on roughly 1-acre lots.
Demand for Paper Lots
In August 2023, I shared in an email the growing demand for “paper lots” or developed lots ready to be built on. Today, home builders are eagerly looking to acquire lots. Why? When the Fed increased interest rates in 2022, there was a concern that a recession would follow, and in fear of a 2008 repeat, home builders let their lot supply go. With little supply, growing demand, and now decreasing interest rates, home builders are paying a premium to get more lots.
Given the market, we could not pass on the opportunity to sell these lots at the premium they are demanding. It’s excellent for the Arabella Real Estate Fund, as the returns will allow us to acquire new projects. This sale will naturally increase an investor’s share value in the fund.
Timing is Everything
If you are not currently invested in the Arabella Real Estate Fund and would like to capitalize on the timing of this opportunity, there is still time.