Posted on January 20, 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 $2.08 million 88 residential lots in the Cortessa master planned community in Waddell. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ seventh acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.
The Cortessa lots are in a master-planned community located in Waddell, an unincorporated area of Maricopa County, east of White Tank Mountain Regional Park, north of the Town of Buckeye and south of the City of Surprise.
Stardust Development of Scottsdale, AZ originally developed Cortessa through the preliminary plat phase and sold it in 2003 to a consortium of homebuilders, led by Standard Pacific. The master planned community comprises 614 acres and 1,732 residential lots and has already seen in excess of 1,200 new home sales to retail homebuyers. The purchased lots were once owned by Santa Anna Homes, which built and sold 116 homes in Cortessa at an average price of $282,000 from July 2006 through August 2008. Petrus and Voyager plan to sell the Cortessa lots to a homebuilder(s) once the housing market recovers.
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. Cortessa represents the Group’s 26th 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.