May 24, 2011
Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased 177 finished lots with 65 foot widths comprising the entire Artesa subdivision for $3.2 million. The seller was the F.D.I.C., as receiver for the First National Bank of Arizona, and the sale marked Petrus’ 11th acquisition of residential land in the Phoenix M.S.A. since October 2008. Brian Rosella and William French of Cassidy Turley BRE Commercial represented the seller.
Artesa is located at the intersection of Baseline Road and 41st Avenue in the Village of Laveen, an infill community within the City of Phoenix, 10 miles from Phoenix’ Central Business District. The property lies adjacent to a new and growing church and enjoys close proximity to a middle school, high school, city park and well regarded municipal golf course.
Palacia Homes, the original developer of Artesa, financed its construction with a $12 million loan from First National Bank of Arizona. The F.D.I.C. closed the First National Bank of Arizona in June 2008 and foreclosed on the Artesa lots in December 2010. Petrus and Voyager plan to hold the finished lots for investment purposes and sell Artesa to homebuilders once the residential land 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. Artesa represents the Group’s 29th 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 (frankwalter@PetrusPartners.com or 212-977-3708), President of Petrus Partners.