Petrus Partners Acquires 103 Finished Residential Lots in Goodyear, AZ
www.real-estate.dbusinessnews.com
GOODYEAR, AZ – Petrus Partners Ltd. (Petrus), in association with Voyager Investment Properties, LLC of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 103 finished residential lots in the Glen River subdivision within the Canyon Trails master planned community for $2.01 million. The seller was Brown Family Communities (Brown) of Tempe, AZ in conjunction with MCA Financial Group, Ltd. of Phoenix as receiver. Petrus closed the transaction within 3 days of winning a Superior Court of Arizona ordered auction. Tom Tait, Jr. of Land Group Real Estate, LLC acted as the seller’s broker while Patrick Whelan of Land Advisors Capital, LLC represented Petrus.
Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a diverse group of homebuilders have built out approximately 70% of the 2,000-acre project. The master planned community has achieved success primarily by offering homes for the move-up segment in an area with easy access to downtown Phoenix as well as to northern employers via the 101 freeway. Canyon Trails enjoys a variety of nearby retail, including Wal-Mart and Safeway, as well as Bashas’, Petco and Staples at the Market at Estrella.
Glen River lies less than one mile south of I-10 with direct access from Cotton Lane. Brown constructed the lots which each comprise 5,500 square feet (50′ x 110′). Leading up to its receivership last fall, Brown sold 49 homes in Glen River at an average price of $220,000. Petrus and Voyager plan to sell the finished lots to a homebuilder and will offer financing.
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. Glen River represents the Group’s 22nd property acquired in the Phoenix M.S.A. since 2001 and fifth investment in residential land since July of 2008.
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 at (212) 977-3708 or frankwalter@petruspartners.com.