Posted on March 23, 2018
Petrus Partners Sells 123 Finished Lots in Marana, AZ
Marana, AZ – Petrus Partners Ltd. (“Petrus”), in association with its subsidiary Crown West Realty (“CWR”) of Tucson, AZ (Dean Wingert, Vice President), has sold 123 finished lots in Phase II of the Gladden Farms master planned community for $6.6 million. Lennar and Richmond American purchased the lots. Will White of the Land Advisors Organization represented the seller.
The Gladden Farms master planned community has over 1,480 constructed single-family homes within the completed Phase I which is fully committed to national homebuilders including Meritage, Richmond American, Lennar, and KB, all of which have active subdivisions open for sale.Phase I will have a total of 1,747 residential units upon build-out. Commercial parcels, totaling 42 acres, have been sold to Fry’s Food Stores (Kroger’s), Walgreen’s and neighborhood shopping center developers.Gladden Farms Elementary School, which opened in August 2015 for grades K-6, is the first computer science immersion school in Arizona.The Marana Unified School District is home to a number of “A+” schools and “National Blue Ribbon” schools, and consistently delivers small class sizes and high test scores. Phase I also includes a regional public park and over 200 acres of private greenspace, trail systems, and recreational facilities.
Phase II of Gladden Farms includes a 633-acre master planned community, situated adjacent to and immediately east of Gladden Farms Phase I. The development is planned for 2,345 residential units – consisting of single-family detached homes, single-family attached homes, multi-family apartment units, commercial sites totaling 123 acres, a 58-acre hospital medical campus (Northwest Healthcare), and over 85 acres of private open space, trail systems, park areas, and recreational facilities. In 2018, Petrus and CWR plan to begin the development and sale of additional blocks of residential lots in Gladden Farms Phase II.
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, Tucson, and Spokane. Petrus-Crown West manages a series of discretionary investment funds which own a nationwide portfolio of office, industrial and agricultural properties as well as over 9,500 residential lots. Petrus-Crown West is expanding its activities in supplying finished lots to homebuilders in growing western cities including Phoenix, Tucson, Reno, Las Vegas and Denver.
Petrus actively seeks additional investment and development opportunities in housing and residential land in the Western U.S. Potential investment opportunities should be submitted to Chris Bennett at Petrus Partners.
Contact:Christopher F. Bennett
March 22, 2018(212) 977-3717