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PHOENIX-In one of the largest transactions of the year, an uncompleted, upscale master-planned community in north Scottsdale has been purchased for $62 million by Dallas-based Terrabrook. The Dallas-based developer, which has several holdings in metropolitan Phoenix, has purchased Stonehaven, a 924-acre residential community approximately two miles east of Pima Road, south of Cave Creek Road.

The master planned community was sold by Jerry Nelson, who developed the popular Troon golf projects in the area. Nelson’s financial partner in the deal was Lehman Brothers of New York.

Stonehaven is zoned for 765 lots, which range in size from three-quarters of an acre to 1.5 acres. Lots are expected to sell from the high 100s to $450,000. Infrastructure construction is just being completed and an 18-hole, Greg Norman-design golf course is set to open in November.

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