Posted on January 04, 2011
PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.0 million 67 residential lots in the Blossom Hills Two subdivision in Phoenix. The seller was JPMorgan Chase, N.A. and the sale marked Petrus’ sixth acquisition of bank-owned residential R.E.O. in Phoenix in the past two years. Brent Moser and Brian Rosella of Cassidy Turley BRE Commercial represented the Seller.
Blossom Hills Two constitutes 67 residential lots located in the South Mountain submarket of Phoenix, eight miles southeast of the Central Business District. South Mountain Park, encompassing 16,000 acres, runs along the southern boundary of the neighborhood and offers appealing mountain views. Given the proximity to downtown Phoenix, homebuilders have historically achieved success in the submarket with move-up and upscale housing priced from $300,000 to $600,000. Petrus and Voyager plan to sell the project to a homebuilder once the housing market has recovered.
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. Blossom Hills represents the Group’s 25th 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, President of Petrus Partners.