Petrus Partners Acquires 67 Finished Residential Lots in Goodyear, AZ
GOODYEAR, AZ – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 67 finished residential lots in Estrella Mountain Ranch Parcel 9.2 in the Estrella master planned community for $2.27 million. The seller was Arizona Business Bank of Phoenix, AZ. Patrick Burch of Grubb & Ellis|BRE Commercial, LLC brokered the transaction.
The Estrella master planned community comprises over 20,000 acres, located 17 miles west of Phoenix and eight miles south of I-10 via Estrella Parkway. Newland Communities (“Newland”) of San Diego is Estrella’s master developer and projects that, over the next 25 years, its portion of the project will eventually include 38,000 single family detached homes, 9,000 multifamily units, 1,600 acres of commercial uses and 4,700 acres of golf courses, parks and open space. Newland and the Kitchell Corporation are currently constructing Mountain Ranch Marketplace, a 170,000 square foot shopping center anchored by a Bashas’ supermarket, scheduled to open in the fall of 2009.
Estrella Mountain Ranch Parcel 9.2 lies within the Montecito district at the intersection of Calistoga Drive and Galveston Drive in close proximity to Estrella Parkway. The lots are 7,200 square feet (60’ x 120’) and were previously owned by INCA Capital in a land banking arrangement for Rosewood Homes of Scottsdale, AZ. The Estrella purchase represents Petrus’ 19th acquisition in Greater Phoenix since 2001 and its second investment in residential land since July 2008. Petrus and Voyager plan to hold the finished lots for investment purposes.
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. Petrus actively seeks additional investment opportunities 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.