Scottsdale Investor Added to Holdings...Buys Projects in Phoenix and El Mirage
Published in Business Real Estate Weekly (BREW) on April 3rd, 2009.
Phoenix/El Mirage – Companies formed by investor Jeff Carlson of ParCap LLC in Scottsdale paid just under $3.6 million to buy 252 finished lots and 17 completed homes in two Valley subdivisions. Carlson’s company paid just over $2.398 million to acquire 169 developed lots within the Hurley Ranch community at the southeast corner of 91st Avenue and Lower Buckeye Road in Phoenix.
The seller was Standard Pacific of Arizona Inc. in Scottsdale (Kathleen Wade, CEO). The lots average 4,950 sq. ft. (45x110), 5,500 sq. ft. (50x110) and 6,050 sq. ft. (55x110). The buyer paid cash for the home sites in a direct sale with the seller.
Carlson’s companies paid $1.2 million in cash to purchase 83 finished lots and 17 completed homes within a community in El Mirage called Montecito Estates. The seller in two transactions were affiliated companies of M&I Marshall & Ilsley Bank in Milwaukee, Wis.
The deal was brokered through Ryan Semro and Bret Rinehart, formerly of Hogan & Associates Inc. in Scottsdale, and now with Lee & Associates Arizona Inc. in Phoenix. Carlson’s company paid $750,000 to acquire 83 developed lots. The home sites average 5,500 sq. ft. (50x110). And Carlson’s company paid $450,000 to buy 17 residences.
Of those homes, seven are completely finished and ten are nearly complete. The single-family residences average about 1,800 sq. ft. Carlson says his company will complete the construction and sell the homes. Prices are expected to range from the high $90,000's to the low $100,000's Montecito Estates is located at the northeast corner of Greenway and El Mirage roads. A company formed by Namwest LLC in Phoenix (Mike McBride, principal) had started the Montecito Estates project, but was later foreclosed by M&I Bank.
Carlson says his company will hold the lots at Hurley Ranch and Montecito Estates until the housing market rebounds. Carlson and his investor partners now own five residential properties in the Valley. Carlson says he is backed by an East Coast hedge fund, and adds that he is interested in buying more finished lots and partially developed lots in the Phoenix area.
Carlson and his investor partners are also interested in buying non-performing loans secured by real estate in the Valley . . . will also consider purchasing distressed commercial properties. The company pays cash for the assets and can close in a short time frame. Learn more from Carlson at (602) 558-6069. Pat Maroney, div. pres. for Standard Pacific in Scottsdale, is at (480) 627-7500. Semro and Rinehart are at (602) 956-7777. |
