Posted on April 28, 2011
Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased Phase IX (“Palm IX”) of the Palm Valley master planned community for $3.9 million. Palm IX includes 145 acres of zoned and approved Residential and Commercial Land with utilities to the site. The seller was Southwest Solar Technologies, Inc. and the sale marked Petrus’ 10th acquisition of residential land in the Phoenix M.S.A. since October 2008. Mike Ratliff, Dave Headstream, and Jason Hyams of CB Richard Ellis represented the seller.
Palm Valley, a successful 9,000-acre master-planned community developed by SunCor Development Co., includes exclusive gated single family subdivisions, a variety of mid-range single family subdivisions, a 1,400 acre business park, and a broad range of recreational and retail amenities. Palm Valley has continued to attract new homebuyers throughout the downturn and high-end homebuilders, such as Toll Brothers and TW Lewis, remain active and have sold 192 homes over the last 12 months with average prices in the large active adult segment exceeding $390,000. In February 2011, Westcor announced it would resume the planned construction of a 1.2 million square foot anchored regional mall, Estrella Falls, in Palm Valley with completion in 2014.
Palm IX has an approved zoning and development plan, or final plat, which calls for 43 acres of commercial parcels and 103 acres of single family residential lots (218 60-80 foot wide lots and 102 high-density lots). Suncor completed rough grading of the site as well as required improvements along Camelback Road on the property’s southern boundary at a total estimated cost of $1.7 million. Petrus and Voyager plan to sell Palm IX to a homebuilder(s) and commercial developer once the residential and commercial land markets recover.
Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Palm IX represents the Group’s 28th property acquired in the Phoenix M.S.A. since 2001.
Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (firstname.lastname@example.org or 212-977-3708), President of Petrus Partners.