Petrus Partners Acquires 308 Finished Residential Lots in Buckeye, Arizona
BUCKEYE, AZ – Petrus Partners Ltd., in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 308 finished residential lots within the newly-completed Watson Estates master-planned community for $8.8 million. The seller was Woodside Homes of Salt Lake City, UT. Nate Nathan and Dave Mullard of Nathan & Associates and James Hotis of Hogan & Associates of Scottsdale, AZ brokered the transaction while Patrick Whelan of Land Advisors Capital represented Petrus.
Watson Estates is located at the southwest corner of Watson Road and Yuma Road, one mile south of I-10 in north Buckeye and adjacent to the new 650,000 square foot Sundance Towne Center. Woodside Homes co-developed Watson Estates with homebuilders Taylor Morrison and Shea Homes, both of which have begun construction and sale of homes on their respective lots in the 868-lot master-planned community. The purchased lots, which Petrus and Voyager plan to hold for investment purposes, are grouped in four parcels and range in size from 50’ x 115’ to 58’ x 115’.
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 $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Watson Estates represents the Group’s 18th property acquired in Greater Phoenix since 2001.
Petrus actively seeks additional investment opportunities in value-added commercial properties as well as in residential lots and entitled and un-entitled land. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners at (212) 977-3708.